The One Time Waiver is utilized in situations where a party wishes to waive their rights or excuse another party's obligations on a single, specific occasion without permanently modifying the underlying agreement. Common in Hong Kong's business environment, this document is particularly useful in commercial relationships where strict compliance with contractual terms needs to be temporarily relaxed due to unforeseen circumstances, business necessities, or strategic considerations. The document must be carefully drafted to ensure it complies with Hong Kong contract law principles and clearly establishes the limited nature of the waiver. It typically includes details about the specific right or obligation being waived, any conditions attached to the waiver, and explicit language preventing the waiver from being interpreted as an ongoing arrangement or precedent for future situations.
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1. Parties: Identifies and defines the parties to the waiver agreement
2. Background: Sets out the context of the original agreement/obligation and the circumstances leading to the waiver
3. Definitions: Defines key terms used in the waiver document
4. Waiver: Clearly specifies the right, obligation or requirement being waived and confirms the one-time nature of the waiver
5. Duration and Scope: Specifies the time period or specific instance to which the waiver applies
6. No Precedent: Confirms that this waiver does not create a precedent or affect any other rights or obligations
7. Governing Law: Confirms Hong Kong law as the governing law of the waiver
8. Execution: Signature blocks and execution formalities
1. Consideration: Required if there is any consideration being provided for the waiver
2. Conditions: Include if the waiver is subject to any conditions or requirements
3. Representations and Warranties: Include if either party needs to make specific representations regarding the waived matter
4. Confidentiality: Include if the parties wish to keep the waiver confidential
5. Notices: Include if there are specific notice requirements related to the waiver
6. Third Party Rights: Include if the waiver might affect rights of third parties under the Contracts (Rights of Third Parties) Ordinance
1. Original Agreement: Copy or extract of the relevant parts of the original agreement containing the waived provision
2. Supporting Documents: Any relevant correspondence or documents evidencing the circumstances leading to the waiver
3. Authorization: Any relevant board resolutions or powers of attorney if required for execution
Relevant legal definitions
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Relevant Industries
Financial Services
Real Estate
Construction
Manufacturing
Professional Services
Technology
Retail
Healthcare
Education
Logistics
Infrastructure
Energy
Telecommunications
Relevant Teams
Legal
Compliance
Commercial
Operations
Risk Management
Finance
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Project Management
Contract Administration
Corporate Secretarial
Relevant Roles
Legal Counsel
Contract Manager
Compliance Officer
Chief Legal Officer
Company Secretary
Risk Manager
Commercial Director
Business Development Manager
Project Manager
Operations Director
Chief Financial Officer
Relationship Manager
General Manager
Managing Director
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