The Release Of Claim And Subrogation Receipt is a crucial document in Hong Kong's insurance and claims settlement landscape. It is primarily used when settling insurance claims or resolving disputes where one party pays compensation and receives rights to pursue related claims against third parties. The document serves multiple purposes: it evidences the receipt of settlement funds, releases the paying party from further liability, and formally transfers subrogation rights. This type of agreement is particularly important in complex claims involving multiple parties or where there's potential for recovery from third parties. The document must comply with Hong Kong's Insurance Ordinance and contract law requirements, making it essential for proper risk management and claims resolution. It typically includes detailed information about the original claim, settlement terms, and the scope of rights being transferred.
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1. Parties: Identifies all parties to the agreement including the releasor, releasee, and insurer
2. Background: Describes the incident/claim, any existing insurance coverage, and the context of the settlement
3. Definitions: Defines key terms used throughout the document including 'Claim', 'Settlement Sum', and 'Released Matters'
4. Settlement Payment: Details of the settlement amount and payment terms
5. Release: The formal release of claims and declaration that the matter is fully and finally settled
6. Subrogation: Transfer of rights to the paying party/insurer to pursue any third-party claims
7. Warranties and Representations: Confirming ownership of the claim and right to settle, and that no assignment has occurred
8. Entire Agreement: Confirms this document represents the complete agreement between parties
9. Governing Law: Specifies Hong Kong law as governing the agreement
10. Execution: Signature blocks and execution details
1. Confidentiality: Required when parties wish to keep the settlement terms confidential
2. Third Party Rights: Needed when the agreement affects rights of parties not directly involved in the settlement
3. Tax Treatment: Include when there are specific tax implications that need to be addressed
4. Further Assurance: Used when additional actions may be needed to give effect to the agreement
5. Costs: Include when there's a need to address legal or other costs related to the claim
6. Severability: Added when there's a need to ensure partial invalidity doesn't affect the whole agreement
1. Schedule 1 - Claim Details: Detailed description of the incident/claim being settled
2. Schedule 2 - Settlement Sum Calculation: Breakdown of the settlement amount and any deductions
3. Schedule 3 - Supporting Documents: List of relevant documentation supporting the claim
4. Schedule 4 - Payment Details: Banking or payment information for settlement transfer
5. Appendix A - Original Claim Documentation: Copies of original claim forms or incident reports
6. Appendix B - Insurance Policy Details: Relevant sections of insurance policies if applicable
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