A participation agreement is a legal contract between the members of an enfranchising organization in order to govern the purchase of the ownership of the organization. The agreement helps to establish the rights and compulsion of the members of the organization and also those of the enfranchising organization.
The chief reasons for drafting a participation agreement are as follows:
- In order to provide a confirmation in regards to the decisions and steps taken in the enfranchisement process. The agreement also acts as a mean of instructing the leaseholders to instruct the enfranchising company to serve initial notice.
- In order to specify the person to be assigned to control the process on behalf of participating leaseholders. The person also has the power to give instructions to the professional advisers.
The details mentioned in the agreement are as follows:
- Matters that concern the initial notice
- Details of professional advisors
- Default indemnity
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