The Assignment Of Option Agreement is a crucial document used in Hong Kong business and property transactions when a holder of an option wishes to transfer their rights to another party. This document is particularly relevant in situations involving property options, share options, or other contractual rights that are assignable under Hong Kong law. It must comply with Hong Kong's common law principles and statutory requirements, including the Contracts Ordinance and relevant provisions of the Law Amendment and Reform (Consolidation) Ordinance. The agreement needs to clearly establish the assignment's terms, any necessary consents, consideration details, and completion requirements. It's commonly used in corporate restructuring, investment transactions, and real estate dealings where options are being transferred as part of larger commercial arrangements.
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1. Parties: Identification of the Assignor, Assignee, and the Original Option Grantor (if required to consent to the assignment)
2. Background: Details of the original option agreement, its date, parties, and subject matter, and the intention to assign the option rights
3. Definitions: Definitions of key terms used in the agreement, including 'Option', 'Original Agreement', 'Assignment Date', etc.
4. Assignment: Core clause specifying the assignment of all rights, title, and interest in the option from Assignor to Assignee
5. Consideration: Details of the payment or other consideration for the assignment
6. Effective Date: Specification of when the assignment becomes effective
7. Assignor's Representations and Warranties: Warranties regarding ownership of the option, right to assign, no encumbrances, etc.
8. Further Assurance: Obligation to execute further documents and take additional steps if needed to perfect the assignment
9. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for disputes
10. Execution: Signature blocks for all parties
1. Original Grantor's Consent: Required if the original option agreement requires consent for assignment
2. Conditions Precedent: Include if there are specific conditions that must be met before the assignment becomes effective
3. Costs and Stamp Duty: Include if there are specific arrangements for who bears stamp duty and other transaction costs
4. Notices: Include if ongoing notices may be required between parties
5. Confidentiality: Include if there are specific confidentiality requirements regarding the assignment
6. Assignment of Obligations: Include if any obligations under the option are also being assigned
7. Third Party Rights: Include to address whether third parties have rights under the Contracts (Rights of Third Parties) Ordinance
1. Schedule 1 - Original Option Agreement: Copy or details of the original option agreement being assigned
2. Schedule 2 - Option Rights: Detailed description of the specific rights being assigned
3. Schedule 3 - Consent Form: Form of consent from the Original Option Grantor (if required)
4. Schedule 4 - Completion Requirements: List of documents and actions required to complete the assignment
5. Appendix A - Notice of Assignment: Form of notice to be given to relevant parties regarding the assignment
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