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Release Of Claim And Subrogation Receipt Template for Hong Kong

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Key Requirements PROMPT example:

Release Of Claim And Subrogation Receipt

"I need a Release of Claim and Subrogation Receipt for settling an insurance claim worth HKD 2.5 million with ABC Manufacturing Ltd, where our insurance company will retain rights to pursue claims against the third-party logistics provider who caused the damage."

Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























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Relevant Industries

Insurance

Financial Services

Manufacturing

Construction

Transportation

Healthcare

Retail

Property Management

Professional Services

Maritime

Aviation

Energy

Relevant Teams

Legal

Risk Management

Insurance

Claims

Compliance

Corporate Secretariat

Finance

Operations

Underwriting

Settlement Administration

Relevant Roles

Claims Manager

Risk Manager

Insurance Underwriter

Legal Counsel

Compliance Officer

Claims Adjuster

Insurance Broker

Settlement Officer

Corporate Secretary

Chief Risk Officer

Insurance Operations Manager

Claims Administrator

Legal Director

Risk Analyst

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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