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.
Hawaii Contract Service Agreement when Seller Continues to Operate Properties Sold to Buyer: In Hawaii, when a seller decides to continue operating properties that have been sold to the buyer, a contract service agreement is typically put into place to outline the terms and conditions of this unique arrangement. This agreement allows the seller to maintain control and management of the properties while ensuring that the buyer receives certain services and benefits specified in the contract. Keywords: Hawaii, Contract Service Agreement, Seller, Continues to Operate, Properties, Sold, Buyer There are different types of Hawaii Contract Service Agreements when the seller continues to operate properties sold to the buyer. Some of these types include: 1. Property Management Contract Service Agreement: This agreement specifically focuses on the management aspect of the properties. It outlines the responsibilities and obligations of the seller as the property manager, such as rent collection, maintenance, and tenant management. The buyer, in turn, agrees to compensate the seller for these services. 2. Revenue Sharing Contract Service Agreement: This type of agreement is based on a revenue-sharing model. The seller, who continues to operate the properties, shares a certain percentage of the profits generated from the properties with the buyer. The agreement specifies the terms of revenue calculation, frequency of payments, and any potential adjustments. 3. Maintenance and Repair Contract Service Agreement: In this type of agreement, the seller takes on the responsibility of maintaining and repairing the properties. It outlines the scope of maintenance work, the budget allocated for repairs, and the timelines for completing the necessary tasks. The buyer ensures that the seller is compensated for these services. 4. Lease Agreement with Property Management Services: This agreement combines a traditional lease agreement with property management services. The buyer leases the properties from the seller, who remains responsible for managing them. The agreement covers lease terms, rental payments, property maintenance, and other relevant clauses. 5. Franchise Agreement: In some cases, the seller may decide to continue operating the properties as part of a franchise agreement with the buyer. This agreement grants the buyer the rights to operate the properties under the seller's established brand or business model. It outlines the obligations of both parties, including royalty payments, support services, and quality control measures. In conclusion, the Hawaii Contract Service Agreement when the seller continues to operate properties sold to the buyer enables a unique arrangement where the seller retains control over the properties while providing specific services to the buyer. These agreements can vary based on the type of services needed, such as property management, revenue sharing, maintenance, lease, or franchise arrangements.
