The For Sale As Is Contract is commonly used in Hong Kong business transactions where sellers wish to transfer assets without providing warranties about their condition or future performance. This document type is particularly useful for sales of used equipment, property, or other assets where the seller wants to limit their liability and the buyer has the opportunity to inspect the asset before purchase. The contract must comply with Hong Kong law, particularly the Sale of Goods Ordinance and Control of Exemption Clauses Ordinance, while clearly documenting the 'as is' nature of the sale. It typically includes detailed asset descriptions, inspection acknowledgments, explicit warranty disclaimers, and risk transfer provisions. The For Sale As Is Contract is essential in protecting sellers from future claims while ensuring buyers understand they are accepting the asset in its current condition with all faults.
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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 agreement to sell and purchase the asset 'as is'
5. Asset Description: Detailed description of the asset being sold
6. Purchase Price and Payment: Amount and payment terms including any deposits
7. 'As Is' Provisions: Clear statement that the asset is sold 'as is' with all faults and defects
8. Disclaimer of Warranties: Express disclaimer of all warranties, express or implied
9. Inspection Acknowledgment: Buyer's acknowledgment of opportunity to inspect and acceptance of condition
10. Risk and Title Transfer: When and how risk and title pass to the buyer
11. Completion: Details of the completion process and requirements
12. Governing Law: Specification of Hong Kong law as governing law
13. Entire Agreement: Confirmation that the document represents the entire agreement between parties
1. Regulatory Compliance: Required when the asset is subject to specific regulations or requires governmental approvals
2. Third Party Rights: Needed when third party rights might be relevant to the sale
3. Tax Provisions: Include when there are specific tax implications that need to be addressed
4. Intellectual Property: Required when the asset includes or involves intellectual property rights
5. Confidentiality: Include when sensitive information is involved in the transaction
6. Force Majeure: Optional clause for circumstances preventing completion
7. Assignment: Include when transfer rights need to be specifically addressed
8. Condition Precedents: Required when completion is subject to certain conditions being met
1. Asset Details: Detailed technical specifications, photographs, or descriptions of the asset
2. Known Defects: List of known defects or issues with the asset (if any)
3. Inspection Report: Results of any inspections carried out on the asset
4. Payment Schedule: Detailed breakdown of payment terms if payment is in installments
5. Transfer Documents: Forms and documents required for transfer of title
6. Regulatory Approvals: List of required regulatory approvals and their status
7. Existing Encumbrances: Details of any existing liens, encumbrances or restrictions on the asset
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Industrial Equipment
Real Estate
Automotive
Marine
Construction
Technology Hardware
Agriculture
Mining
Retail
Warehouse and Storage
Transportation
Heavy Machinery
Telecommunications Equipment
Relevant Teams
Legal
Procurement
Sales
Operations
Risk Management
Compliance
Asset Management
Commercial
Business Development
Corporate Secretarial
Property Management
Relevant Roles
Legal Counsel
Contract Manager
Procurement Manager
Sales Manager
Business Development Manager
Operations Manager
Asset Manager
Property Manager
Commercial Director
Risk Manager
Compliance Officer
Company Secretary
General Manager
Chief Legal Officer
Chief Operations Officer
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