The Full and Final Release and Indemnity Agreement is a crucial legal instrument used in Hong Kong to achieve definitive closure in dispute resolutions, settlements, or business separations. This document is typically employed when parties wish to permanently resolve existing disputes, terminate ongoing relationships, or provide mutual protection against future claims. It combines two key elements: a comprehensive release of all existing and potential claims, and indemnification provisions to protect parties against future third-party claims or related liabilities. The agreement must comply with Hong Kong law requirements, particularly regarding contractual enforceability and limitations on liability exclusions. It's commonly used in corporate transactions, employment separations, commercial dispute resolutions, and settlement of litigation matters, providing parties with legal certainty and risk mitigation.
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1. Parties: Identifies and defines all parties to the agreement, including their full legal names and addresses
2. Background: Recitals explaining the context, existing relationship, and circumstances leading to the release and indemnity
3. Definitions: Defines key terms used throughout the agreement, including 'Claims', 'Released Matters', and 'Indemnified Parties'
4. Consideration: States the consideration being provided in exchange for the release and indemnity
5. Release: Details the scope of the release, including specific claims being released and the extent of the release
6. Indemnity: Specifies the indemnification obligations, including scope and procedures
7. Representations and Warranties: States the parties' representations regarding their authority to enter into the agreement and understanding of its terms
8. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and severability
1. Confidentiality: Required when parties wish to keep the existence, terms, or subject matter of the agreement confidential
2. Surviving Obligations: Needed when certain obligations from previous agreements should survive the release
3. Non-Disparagement: Include when parties wish to prevent negative statements about each other
4. Further Assurance: Used when additional actions may be needed to give effect to the release
5. Tax Implications: Include when the release involves significant monetary consideration or tax implications
6. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard jurisdiction clause
1. Schedule 1 - Released Claims: Detailed list of specific claims, disputes, or matters being released
2. Schedule 2 - Related Agreements: List of all agreements between the parties affected by the release
3. Schedule 3 - Indemnified Parties: Comprehensive list of all parties covered by the indemnification provisions
4. Schedule 4 - Payment Details: Details of any settlement payment or other consideration, including payment terms and methods
5. Schedule 5 - Form of Announcement: If applicable, agreed form of any public or private announcement regarding the settlement
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