Pm 598 Week 9 Final Project
YOU DECIDE PROJECT
CONTRACT AND PROCUMENT MANAGEMENT (PM 598)
APRIL 14, 2013
Table of Contents
How you will split the $15,000 left in the investment? 3
How to handle the lease on the kitchen space, which has 18 months more to run? 3
How to handle the lease on the van, which has 18 months more to run? 4
How to handle the lease on the kitchen equipment, which as six months more to run? 4
What have you learned this week that would ensure that each of the above outcomes would be a win/win situation? 5
Reference: 6
How you will split the $15,000 left in the investment?
In the absence of a structured legally binding agreement, there were no contingencies set in place incase of an exit or termination of the partnership. This should have been planned ahead of time. As far capital distribution goes, at the beginning of the partnership, we put $25000 and the chefs put $10,000 plus $10,000 adding …show more content…
We have no use for the high quality cooking equipment that was leased for the catering business. Since we have a similar set of options for the kitchen equipment as for the storefront and van, we assume the chefs will continue in the cooking business and can use the equipment. Whatever the chefs decide to do after this partnership is terminated, they will need equipments to utilize in their catering. Handling the lease on the cooking equipment is a straight forward approach. We would opt out of the lease agreement and take our name of the lease. By doing this, we would be no longer responsible for payments of the cooking equipments and the terms and conditions. This will come at no financial cost to us or the chefs since the terms lease does not require a payment to remove your name from the lease. The chefs will have full ownership and they will be able to continue using high quality cooking equipments to do what they love to
CONTRACT AND PROCUMENT MANAGEMENT (PM 598)
APRIL 14, 2013
Table of Contents
How you will split the $15,000 left in the investment? 3
How to handle the lease on the kitchen space, which has 18 months more to run? 3
How to handle the lease on the van, which has 18 months more to run? 4
How to handle the lease on the kitchen equipment, which as six months more to run? 4
What have you learned this week that would ensure that each of the above outcomes would be a win/win situation? 5
Reference: 6
How you will split the $15,000 left in the investment?
In the absence of a structured legally binding agreement, there were no contingencies set in place incase of an exit or termination of the partnership. This should have been planned ahead of time. As far capital distribution goes, at the beginning of the partnership, we put $25000 and the chefs put $10,000 plus $10,000 adding …show more content…
We have no use for the high quality cooking equipment that was leased for the catering business. Since we have a similar set of options for the kitchen equipment as for the storefront and van, we assume the chefs will continue in the cooking business and can use the equipment. Whatever the chefs decide to do after this partnership is terminated, they will need equipments to utilize in their catering. Handling the lease on the cooking equipment is a straight forward approach. We would opt out of the lease agreement and take our name of the lease. By doing this, we would be no longer responsible for payments of the cooking equipments and the terms and conditions. This will come at no financial cost to us or the chefs since the terms lease does not require a payment to remove your name from the lease. The chefs will have full ownership and they will be able to continue using high quality cooking equipments to do what they love to