Agreement to Continue As Manager for New Owner Or Corporation

A change of ownership and reinstating previous employees in the new management and preparation of the agreement document

When a change of hands in business comes in, then the future of the previously existing employees are usually at stake. However there are times when it may so happen that the new owner decides to keep all or certain employees to continue with the new management. For instance in a hotel business, the new owner may want to continue with the previous manage who have been serving the hotel for many years. This is where the Agreement to Continue As Manager for New Owner Or Corporation comes in the picture.

Policy conditions of the agreement

There are certain ground rules established in this mutual agreement and a declaration is made which makes the old manager continue as the new manager after a change of ownership of the hotel business. There are new regulations and policy conditions that are established and in doing so, both the parties, i.e. the owner and the manager have to mutually come to an agreement to abide by the rules of the new Agreement to Continue As Manager for New Owner Or Corporation. For instance if the owner decides to sell the hotel or likewise, then he will have to pay the manager compensation for it. The time period of employment and duties to be taken care of are listed.

The easy preparation of the agreement

This particular declaration form or agreement needs to be prepared and managed and doing so is not an easy feat because it will defiantly require the help of an advocate, who is surely going to charge his own payment. Therefore the easiest way is to get online help from platforms providing prepared forms that can simply be downloaded and printed for use. All that is required is to fill in the names and date and period of tenure. Thus there is no extra effort required to get the legal document prepared.

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Agreement to continue as manager for new owner or corporation.

This agreement is made this _________, 19__, between _________, of _________, owner, and _________, of _________, manager.
Recitals:
Owner has entered into a contract for the purchase of the _________ hotel at _________, and proposes to operate the same, either as an individual or by a corporation organized for that purpose, to be controlled by owner.
Manager has managed and operated the _________ hotel for the past _________ years; and
Owner desires to employ manager to continue as manager of _________ hotel for owner, individually or the corporation if and when organized by owner, to operate the hotel;
Therefore, in consideration of the premises and the acceptance of this agreement by manager, it is mutually agreed as follows:
(a) In case owner elects not to organize a corporation to own or operate the hotel, the provisions of this agreement shall extend and apply to owner if operating the same as an individual, or to any trustee or other entity which may operate the same, directly or indirectly, for owner or in owner’s behalf;
(b) Manager shall devote time and best energies to the management of the hotel and shall be subject in all things to the supervision of owner, or to any corporation organized and controlled by owner for the purpose of operating the hotel, or to any trustee or other entity which may operate the same, directly or indirectly, for owner or in owner’s behalf as the case may be;
(c) This contract of employment of manager shall be for a period of _________ years commencing upon the date that owner or any corporation formed by owner takes possession and control of the _________ hotel;
(d) If during the term of this contract owner sells or otherwise disposes of the hotel, other than to a corporation organized and controlled by owner for the purpose of owning or operating the hotel, or to a trustee or other entity to own or operate the same for owner or in owner’s behalf, owner may terminate this agreement on payment to manager of one year’s compensation from the date of termination;
(e) Owner agrees that this contract shall be ratified, approved and accepted by any corporation formed by owner for the purpose of operating the hotel, or by any trustee or other entity or business unit which may operate the same, directly or indirectly, for or in behalf of owner.