Unconditional Waiver And Release On Final Payment Template for Hong Kong

The Unconditional Waiver And Release On Final Payment is a critical document used in Hong Kong's construction and development industry to formally conclude financial obligations between parties. It is typically executed when a project or specific scope of work is completed and final payment is ready to be made. The document serves as a definitive statement that, upon receipt of the specified final payment, the releasing party unconditionally waives and releases any rights to further claims against the released party. This includes claims for additional payment, liens, or any other demands related to the work performed. The document is particularly important in Hong Kong's business environment, where clear documentation of payment settlements is essential for risk management and project closure. It should include specific details about the project, parties involved, payment amount, and the scope of the release, while ensuring compliance with Hong Kong's contract law and construction industry regulations.

1. Parties: Identifies all parties to the waiver, including the releasing party (typically contractor/subcontractor) and the released party (typically owner/contractor)

2. Background: Brief description of the project, reference to the original contract, and context of the final payment

3. Definitions: Key terms used in the document, including 'Final Payment', 'Claims', 'Project', and 'Contract'

4. Final Payment Amount: Specifies the agreed final payment amount and payment details

5. Unconditional Waiver Statement: Clear statement that the waiver is unconditional upon receipt of the final payment

6. Scope of Release: Comprehensive description of claims and rights being waived and released

7. Representations and Warranties: Statements confirming authority to execute the waiver and that no claims have been assigned to third parties

8. Governing Law: Specification that Hong Kong law governs the waiver and release

9. Execution: Signature blocks and execution requirements