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.
Nebraska Contract Service Agreement when Seller Continues to Operate Properties Sold to Buyer is a legally binding document that outlines the terms and conditions for the ongoing services provided by the seller to the buyer after the sale of a property in Nebraska. This agreement ensures that the seller retains the responsibility of managing, operating, and maintaining the property even after transferring ownership to the buyer. The agreement serves as a means to define the services to be rendered, the compensation details, and the rights and liabilities of both parties involved. In this unique arrangement, where the seller continues to operate the properties sold to the buyer, there are different types of Nebraska Contract Service Agreement that can be used. Some of them include: 1. Property Management Agreement: This type of agreement outlines the specific management services to be provided by the seller to the buyer. It covers responsibilities such as rent collection, property maintenance, tenant screenings, lease agreements, and overall property administration. 2. Maintenance Service Agreement: This agreement focuses solely on the maintenance and repair services provided by the seller. It covers tasks like regular inspections, repairs, landscaping, and ensuring the property's compliance with safety regulations and codes. 3. Operational Service Agreement: This agreement outlines the operational services the seller will continue to provide to the buyer. It may cover tasks like utility management, security services, bookkeeping, and financial reporting, ensuring the efficient day-to-day operations of the property. 4. Facilities Management Agreement: In this type of agreement, the seller undertakes the responsibility of managing the facilities within the property, such as common areas, parking lots, recreational areas, or shared amenities. The agreement states the range of services to be provided and the corresponding compensation. 5. Administrative Service Agreement: This agreement focuses on administrative services such as record-keeping, tax filings, insurance management, and legal compliance. It ensures that the seller continues to handle essential administrative tasks related to the property even after the sale. When entering into a Nebraska Contract Service Agreement when Seller Continues to Operate Properties Sold to Buyer, it is crucial to define the scope of services, specify the duration of the agreement, address payment terms, and clearly outline the rights and responsibilities of both parties. It is always advisable to seek legal counsel to ensure that the agreement aligns with Nebraska state laws and protects the interests of both the buyer and the seller.
