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The Release From Contract Agreement is a crucial legal instrument used in Hong Kong business transactions when parties wish to formally terminate their contractual relationships and release each other from future obligations and potential claims. This document is particularly relevant when parties have fulfilled their main contractual obligations or have reached a mutual agreement to end their contract prematurely. The agreement must comply with Hong Kong contract law requirements and typically includes detailed provisions about the scope of release, any consideration exchanged, and surviving obligations. It's commonly used in various scenarios including business dissolutions, settlement of disputes, or completion of major projects. The document provides legal certainty and protection for all parties by clearly defining the terms of release and preventing future litigation related to the original contract.

1. Parties: Identifies and defines all parties to the release agreement, including their full legal names, addresses, and any defined terms used to refer to them

2. Background: Describes the original contract, its key terms, and the circumstances leading to the release

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Release Terms: Details the specific obligations, rights, and claims being released by each party

5. Consideration: Specifies any payment or other consideration being provided in exchange for the release

6. Effective Date: States when the release becomes effective and any conditions precedent

7. Representations and Warranties: Each party's confirmations about their authority to enter into the release and other key facts

8. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and establishes jurisdiction for disputes

9. Entire Agreement: Confirms that the release agreement represents the complete understanding between parties

10. Execution: Signature blocks and execution requirements