The Contract Service Agreement (where the Seller Continues to Operate Properties Sold to Buyer) form, is a contract form between a seller and buyer concerning the provision by the seller of certain operating, accounting and administrative services in connection with the oil and gas producing properties sold to the buyer pursuant to a purchase and sale agreement.
Kentucky Contract Service Agreement: Seller Continuing to Operate Properties Sold to Buyer In Kentucky, a Contract Service Agreement is established when a seller continues to operate properties that have been sold to a buyer. This agreement outlines the terms and conditions that both parties must adhere to during this ongoing business relationship. It provides clarity on the rights, responsibilities, and obligations of the seller and buyer, ensuring a smooth continuation of property operations. Keywords: Kentucky, Contract Service Agreement, Seller, Continues to Operate, Properties, Sold, Buyer. Different Types of Kentucky Contract Service Agreements When Seller Continues to Operate Properties Sold to Buyer: 1. Kentucky Property Management Service Agreement: This type of contract service agreement is commonly used when the seller continues to manage and maintain the property operations even after it has been sold to the buyer. It establishes the roles, responsibilities, and compensation arrangements between the seller and buyer, ensuring efficient property management. 2. Kentucky Tenant Service Agreement: In some cases, the seller may continue to handle tenant-related matters, such as lease agreements, rent collection, and property maintenance after the sale. This specific type of contract service agreement establishes the terms on which the seller operates as the intermediary between the buyer and tenants. 3. Kentucky Maintenance and Repair Service Agreement: When the seller takes on the responsibility of handling maintenance and repair services for the properties sold to the buyer, a maintenance and repair service agreement is drafted. This agreement outlines the scope of services, service fees, and the procedures for handling maintenance requests and emergencies. 4. Kentucky Marketing and Advertising Service Agreement: In situations where the seller continues to handle marketing and advertising efforts to attract tenants or customers to the properties after the sale, a marketing and advertising service agreement is required. This agreement specifies the marketing strategies, budget, and the responsibilities of both parties in promoting the properties. 5. Kentucky Financial Management Service Agreement: If the seller remains responsible for financial aspects such as collecting rent, paying property taxes, insurance, and managing financial records, a financial management service agreement is established. This agreement details the financial obligations, reporting procedures, and compensation for the seller's financial management services. These various types of contract service agreements ensure that both the seller and the buyer have a clear understanding of their roles and responsibilities in the ongoing operation of properties. By defining the terms, they help foster a transparent and mutually beneficial relationship, enabling a smooth transition of ownership while maintaining property functionality.
