The Compromise Agreement Payment document is a crucial legal instrument in Hong Kong employment law, used when employment relationships are terminated by mutual agreement or in settlement of disputes. It serves to document the full terms of settlement, including financial compensation, benefits, and mutual obligations. This agreement must comply with Hong Kong legal requirements, particularly the Employment Ordinance and Inland Revenue Ordinance. The document is typically used in situations where both parties wish to achieve a clean break and avoid potential litigation, providing certainty and finality to both employer and employee. It requires careful drafting to ensure enforceability and typically includes provisions for independent legal advice, which is a common requirement in Hong Kong for such settlements to be binding.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Brief overview of the employment relationship, circumstances leading to the agreement, and purpose of the compromise agreement
3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty
4. Termination Date: Clear statement of when the employment relationship ends or ended
5. Settlement Payment: Detailed breakdown of the settlement sum, payment terms, and timing
6. Tax Treatment: Clarification of tax handling of various payment components
7. Waiver of Claims: Employee's waiver of legal claims against the employer and associated companies
8. Company Property: Requirements for return of company property and documents
9. Confidentiality: Obligations regarding confidentiality of the agreement and company information
10. Full and Final Settlement: Confirmation that this represents a full and final settlement of all claims
11. Legal Advice: Confirmation that independent legal advice has been received or opportunity given
12. Governing Law: Specification that Hong Kong law governs the agreement
13. Execution: Signature blocks and execution formalities
1. Post-termination Restrictions: Reaffirmation or modification of existing post-employment restrictions, used when there are existing restrictive covenants
2. Reference: Terms regarding the provision of employment references, included when agreed as part of the settlement
3. Outplacement Support: Details of any career transition services offered, included when such support is part of the package
4. Medical Insurance: Provisions for continued medical coverage, if applicable
5. Share Options/Awards: Treatment of existing share options or awards, included when employee has equity-based compensation
6. Announcement: Agreed form of internal/external announcement, used when public communication is needed
7. Garden Leave: Terms of any garden leave period, if applicable before final termination
8. Legal Costs: Provisions for payment of legal costs for reviewing the agreement, if offered
1. Schedule 1 - Payment Breakdown: Detailed itemization of all payment components including statutory and ex-gratia payments
2. Schedule 2 - Benefits Summary: List of benefits and their treatment post-termination
3. Schedule 3 - Claims Being Settled: Comprehensive list of statutory and contractual claims being waived
4. Schedule 4 - Company Property: Detailed list of company property to be returned
5. Appendix A - Certificate of Independent Legal Advice: Form for lawyer to certify advice given to employee
6. Appendix B - Reference Template: Agreed form of reference, if applicable
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