The Lease Hire Agreement is a vital commercial document used in Hong Kong when one party (lessor) agrees to lease assets, equipment, or vehicles to another party (lessee) for a specified period in exchange for regular payments. This document is essential for businesses seeking to acquire use of assets without full purchase, providing flexibility while ensuring legal protection under Hong Kong's jurisdiction. The agreement covers critical aspects such as payment terms, maintenance obligations, insurance requirements, and default provisions, all aligned with Hong Kong's legal framework including the Landlord and Tenant (Consolidation) Ordinance and related regulations. It's particularly useful for companies looking to manage cash flow while accessing necessary equipment or vehicles, and includes specific provisions required by Hong Kong law regarding security deposits, stamp duty, and asset protection.
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1. Parties: Identification and details of the lessor and lessee, including full legal names, addresses, and registration numbers for companies
2. Background: Context of the agreement and brief description of the asset(s) being leased
3. Definitions: Definitions of key terms used throughout the agreement
4. Lease Terms: Core terms including duration, commencement date, and renewal options
5. Rental Payments: Payment terms, amounts, frequency, and method of payment
6. Security Deposit: Details of security deposit amount, terms of holding, and conditions for return
7. Use and Maintenance: Permitted use of the asset and maintenance responsibilities
8. Insurance and Risk: Insurance requirements and allocation of risk between parties
9. Representations and Warranties: Statements of fact and promises made by both parties
10. Default and Remedies: Events of default and corresponding remedies available to either party
11. Termination: Circumstances and procedures for early termination
12. Return of Asset: Conditions and procedures for returning the asset at lease end
13. Notices: Process and addresses for formal communications between parties
14. Governing Law: Specification of Hong Kong law as governing law and jurisdiction
15. Execution: Signature blocks and execution formalities
1. Purchase Option: Include when the lessee has the option to purchase the asset at the end of the lease term
2. Subletting and Assignment: Include when subletting or assignment rights are to be granted or specifically prohibited
3. Force Majeure: Include when specific provisions for unforeseen circumstances are required
4. Environmental Compliance: Include for assets that may have environmental implications
5. Guarantees: Include when a third-party guarantee is required
6. Special Conditions: Include when there are unique requirements specific to the asset or circumstances
7. Stamp Duty Declaration: Include when specific stamp duty arrangements need to be documented
8. Break Clause: Include when early termination options are to be provided
1. Schedule 1 - Asset Description: Detailed description of the leased asset(s) including specifications, condition, and serial numbers
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and payment methods
3. Schedule 3 - Maintenance Requirements: Detailed maintenance schedule and requirements
4. Schedule 4 - Condition Report: Initial condition report with photographs and notations
5. Schedule 5 - Insurance Requirements: Detailed insurance requirements and minimum coverage levels
6. Appendix A - Required Forms: Standard forms for notices, maintenance records, or return procedures
7. Appendix B - Operating Instructions: If applicable, specific operating instructions or guidelines for the asset
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