The As Is Sale Agreement is a specialized contract used in Hong Kong for transactions where assets are sold in their existing condition with limited or no warranties. This document is particularly relevant when selling used equipment, distressed assets, or items with known defects where the seller wishes to limit their liability for the asset's condition. The agreement includes comprehensive details about the asset's current state, any known defects, and explicit acknowledgments from the buyer about accepting the asset's condition. It complies with Hong Kong legal requirements, including the Sale of Goods Ordinance and Control of Exemption Clauses Ordinance, while maximizing the protection available to sellers through appropriate disclaimers. This type of agreement is commonly used in commercial transactions, particularly in situations where the buyer has had the opportunity to inspect the assets thoroughly before purchase.
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1. Parties: Identification and details of the seller and buyer
2. Background: Context of the sale and brief description of the asset being sold
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the sale including price, payment terms, and explicit 'as is' provisions
5. Condition of Property: Detailed acknowledgment of the 'as is' condition and buyer's acceptance
6. Disclaimers and Warranties: Express disclaimers of warranties and representations, except those that cannot be legally disclaimed
7. Inspection and Acceptance: Buyer's acknowledgment of inspection and acceptance of current condition
8. Transfer of Title and Risk: Terms regarding when and how title and risk pass to the buyer
9. Payment Terms: Details of purchase price, payment method, and timing
10. Delivery: Arrangements for delivery or collection of the asset
11. Representations: Limited representations that survive even in an 'as is' sale
12. Termination: Circumstances under which the agreement can be terminated
13. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction
14. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Intellectual Property: Required when the sale involves assets with associated IP rights
2. Regulatory Compliance: Needed when the asset requires specific regulatory declarations or compliance
3. Environmental Matters: Important for sales of assets with potential environmental implications
4. Third Party Rights: Required when there are existing third party rights or claims
5. Insurance: Relevant when discussing transition of insurance responsibilities
6. Confidentiality: Important when the transaction involves sensitive information
7. Post-Sale Support: Optional provisions for any limited post-sale assistance
8. Tax Matters: Required when there are specific tax implications to address
1. Asset Description: Detailed description of the asset being sold, including specifications and known conditions
2. Current Condition Report: Documented current state, including photographs and known defects
3. Inspection Report: Results of any pre-sale inspections conducted
4. Price and Payment Details: Breakdown of purchase price and payment terms
5. Known Defects List: Comprehensive list of known issues or defects
6. Delivery Schedule: Specific details about delivery or collection arrangements
7. Required Disclaimers: Any jurisdiction-specific disclaimers required by law
8. Existing Third Party Rights: Details of any existing liens, encumbrances, or third-party rights
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Industrial Equipment
Real Estate
Automotive
Construction
Technology Hardware
Aviation
Maritime
Heavy Machinery
Retail
Asset Management
Distressed Assets
Equipment Leasing
Auction Houses
Wholesale Trade
Relevant Teams
Legal
Procurement
Sales
Operations
Risk Management
Compliance
Finance
Asset Management
Commercial Operations
Business Development
Property Management
Contract Administration
Relevant Roles
Legal Counsel
Commercial Director
Procurement Manager
Asset Manager
Sales Director
Operations Manager
Risk Manager
Compliance Officer
Business Development Manager
Contract Administrator
Chief Financial Officer
Equipment Manager
Facilities Manager
Property Manager
Transaction Manager
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