tiktok���˰�

The Release Of Liability And Indemnity Agreement is a crucial risk management tool in Hong Kong's business and legal landscape. It is commonly used when one party engages in activities that carry inherent risks or when businesses need to allocate potential liabilities clearly between parties. The agreement combines two key elements: a release that prevents future claims for specified risks or activities, and an indemnification provision that requires one party to compensate the other for certain losses. Under Hong Kong law, such agreements must be carefully drafted to ensure compliance with the Control of Exemption Clauses Ordinance and must not be unconscionable. The document is particularly valuable in commercial relationships, recreational activities, property usage, and service provisions where risk allocation is a significant concern.

1. Parties: Identifies and defines the parties to the agreement, including the Releasor (party giving the release) and Releasee (party being released from liability)

2. Background: Provides context for the agreement, including the relationship between the parties and the activities or circumstances giving rise to the need for the release and indemnity

3. Definitions: Defines key terms used throughout the agreement, including 'Claims', 'Losses', 'Indemnified Parties', and specific activities or risks being addressed

4. Release of Liability: Comprehensive statement of the release of liability, specifying the scope of claims being released and the extent of the release

5. Indemnification: Details the indemnification obligations, including scope of indemnity, procedure for claiming indemnification, and any limitations

6. Representations and Warranties: Statements by the parties regarding their understanding of the risks, capacity to enter into the agreement, and authority to do so

7. Term and Survival: Specifies the duration of the agreement and which provisions survive termination

8. Governing Law and Jurisdiction: Specifies Hong Kong as the governing law and jurisdiction for dispute resolution

9. General Provisions: Standard boilerplate clauses including severability, entire agreement, amendments, and notices