An Agreement of Sale Cancellation is a crucial document used when parties mutually agree to terminate an existing sale agreement in Hong Kong. This document is particularly relevant when circumstances change after the original sale agreement is signed but before its complete execution, or when parties mutually decide to unwind a transaction. The agreement addresses key aspects including the return of any deposits or goods, mutual releases, and settlement terms. It must comply with Hong Kong's common law system and relevant ordinances, particularly regarding contract termination and consumer protection. The document is designed to provide a clear framework for unwinding the original transaction while minimizing the risk of future disputes. It's commonly used across various sectors from retail to real estate and can be adapted to different transaction sizes and complexities.
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1. Parties: Identification of all parties to the cancellation agreement, matching those in the original sale agreement
2. Background: Details of the original sale agreement including date, subject matter, and key terms, plus the circumstances leading to cancellation
3. Definitions: Definitions of key terms used in the agreement, including reference to the Original Agreement and any relevant terminology
4. Cancellation: Clear statement of mutual agreement to cancel the original sale agreement and the effective date of cancellation
5. Settlement Terms: Details of how any exchanged payments, deposits, or goods will be handled, including timing of returns or refunds
6. Mutual Release: Release of both parties from their obligations under the original agreement and waiver of claims relating to the original agreement
7. Surviving Provisions: Identification of any provisions from the original agreement that will survive the cancellation
8. Governing Law: Confirmation that Hong Kong law governs the cancellation agreement
9. Execution: Signature blocks and execution requirements
1. Confidentiality: Required when parties wish to keep the cancellation and its terms confidential
2. Tax Implications: Include when the cancellation has significant tax consequences that need to be addressed
3. Third Party Rights: Necessary when the cancellation affects rights of third parties under the original agreement
4. Costs: Include when parties need to specify how cancellation-related costs will be allocated
5. Dispute Resolution: Include when parties want specific dispute resolution procedures for matters relating to the cancellation
6. Further Assurance: Include when additional actions may be needed to fully implement the cancellation
1. Schedule 1 - Original Agreement Details: Copy or key details of the original sale agreement being cancelled
2. Schedule 2 - Settlement Schedule: Detailed breakdown of any financial settlements, including payment amounts and timing
3. Schedule 3 - Return of Goods Schedule: Details of any goods to be returned, including condition requirements and logistics
4. Appendix A - Form of Release: Standard form for mutual release of claims if required separately
5. Appendix B - Evidence of Authority: Proof of authority to execute the cancellation if required
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