I have a written salary agreement with my employer and it's current president. He plans to sell the company within the next year or 2. In the event there is a change in the presidency of the company will my contract become void? It is called a bonus program and is based on 10% of the previous years salary to be paid semi monthly . It states the agreement will remain in effect for the duration of employment unless re-negotiated by the President of the company.
2007-01-10 05:18:19 · 3 answers · asked by jeri 1 in Business & Finance ➔ Careers & Employment
You answered your own question
It states the agreement will remain in effect for the duration of employment unless re-negotiated by the President of the company.
2007-01-10 05:25:17 · answer #1 · answered by trawet 3 · 0⤊ 0⤋
In many cases the parties buying a company are bound by all previous obligations.
You might want to talk to the current President (and I assume owner) and ask him how he plans to treat you contract in the purchase.
If you are truly a valuable corporate "asset" both the current president and any buyers might WANT to make your contract part of the agreement but they aren't obligated to do so.
2007-01-10 05:26:12 · answer #2 · answered by Gary 3 · 0⤊ 0⤋
a change in ownership will void it. a change in president would be up to him.
2007-01-10 05:23:03 · answer #3 · answered by SKYDOGSLIM 6 · 0⤊ 0⤋