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Termination Waiver Agreement for Hong Kong

Termination Waiver Agreement Template for Hong Kong

This document is a comprehensive legal agreement governed by Hong Kong law that facilitates the formal waiver of rights, claims, or obligations arising from a terminated contract or relationship. It provides a structured framework for parties to mutually agree to relinquish specific rights or claims, while clearly defining the scope of the waiver, any surviving obligations, and the consideration provided. The agreement incorporates key provisions required under Hong Kong contract law to ensure enforceability, including clear identification of parties, explicit waiver terms, and consideration requirements. It also addresses jurisdiction-specific requirements such as compliance with the Control of Exemption Clauses Ordinance and other relevant Hong Kong legislation.

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What is a Termination Waiver Agreement?

The Termination Waiver Agreement is a critical legal instrument used in Hong Kong business practice when parties wish to formally document the waiver of rights or claims following the termination of a business relationship or contract. This document is particularly valuable in situations where parties need to achieve a clean break while maintaining legal certainty and avoiding future disputes. It typically includes detailed provisions about the specific rights being waived, any surviving obligations, and the consideration provided to ensure enforceability under Hong Kong law. The agreement needs to comply with various Hong Kong ordinances, including the Control of Exemption Clauses Ordinance and the Contracts Ordinance, and should be carefully drafted to ensure it meets all jurisdiction-specific requirements. It's commonly used in commercial relationships, employment situations, and corporate transactions where a formal record of waived rights is necessary for risk management and legal compliance.

What sections should be included in a Termination Waiver Agreement?

1. Parties: Identification of all parties to the agreement, including their full legal names, addresses, and company registration numbers if applicable

2. Background: Context of the agreement, including reference to the original contract(s) or relationship being terminated, and the parties' desire to waive certain rights

3. Definitions: Definitions of key terms used in the agreement, including 'Effective Date', 'Original Agreement', 'Waived Rights', etc.

4. Waiver: Core provision detailing the specific rights, claims, and obligations being waived by the parties

5. Consideration: Statement of the consideration being provided in exchange for the waiver to ensure enforceability

6. Representations and Warranties: Statements by each party confirming their authority to enter into the agreement and understanding of its implications

7. Release: Mutual release of claims related to the waived rights

8. Governing Law and Jurisdiction: Specification that Hong Kong law governs the agreement and jurisdiction for dispute resolution

9. Execution: Signature blocks and execution requirements

What sections are optional to include in a Termination Waiver Agreement?

1. Surviving Obligations: Used when certain obligations from the original agreement should survive the waiver

2. Confidentiality: Include when parties wish to maintain confidentiality about the waiver or underlying matters

3. Non-disparagement: Used when parties wish to prevent negative statements about each other

4. Further Assurance: Include when parties may need to take additional actions to give effect to the waiver

5. Costs: Include when there's a need to specify how legal and other costs are to be borne

6. Severability: Include to ensure partial invalidity doesn't affect the entire agreement

7. Third Party Rights: Include to address whether third parties have rights under the Contracts (Rights of Third Parties) Ordinance

8. Alternative Dispute Resolution: Include when parties prefer specific dispute resolution mechanisms like mediation or arbitration

What schedules should be included in a Termination Waiver Agreement?

1. Schedule of Waived Rights: Detailed list of specific rights, claims, or obligations being waived

2. Schedule of Related Agreements: List of all agreements affected by or relevant to the waiver

3. Schedule of Surviving Obligations: If applicable, detailed list of obligations that survive the waiver

4. Schedule of Required Actions: List of specific actions parties must take to implement the waiver

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Hong Kong

Publisher

Ƶ

Document Type

Termination Letter

Cost

Free to use
Relevant legal definitions

































Clauses






























Relevant Industries

Financial Services

Technology

Manufacturing

Professional Services

Real Estate

Construction

Retail

Healthcare

Education

Telecommunications

Energy

Transportation

Media and Entertainment

Hospitality

Insurance

Relevant Teams

Legal

Human Resources

Compliance

Risk Management

Executive Leadership

Operations

Commercial

Business Development

Corporate Secretarial

Contract Administration

Project Management

Relevant Roles

Legal Counsel

General Counsel

Contract Manager

Chief Legal Officer

Business Development Manager

Human Resources Director

Chief Executive Officer

Chief Operating Officer

Compliance Officer

Risk Manager

Commercial Director

Project Manager

Corporate Secretary

Operations Manager

Legal Administrator

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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