KEN KIRSCHENBAUM, ESQ ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE You can read all of our articles on our website. Having trouble getting our emails? Change your spam controls and whitelist ken@kirschenbaumesq.com ********************** How does your subscriber assign its contract to another entity or person December 15, 2023 ************************* How does your subscriber assign its contract to another entity or person ************************* Ken We typically have a new client sign a new All in One once we are aware an ownership change, but a simple assignment agreement would be nice with places that turnover ownership frequently, like storage facilities. I think it would be good if you had one- we would buy it. Roman ***************************** Response ******************************* The Kirschenbaum Contracts™ are not assignable by the subscriber. The subscriber is expected to perform for the full term of the agreement. A subscriber who wants to assign the contract to another entity or person will need your consent, which you are not obliged to give. But you likely care more about getting paid than chasing a subscriber who wants to cancel and may not have sufficient assets for you to pursue, so you may be happy to agree to let another entity or person take over the contract and finish paying the RMR for the term of the contract. When this scenario arises you have a few choices to present: * you can terminate the existing contract and sign the new customer up to a new contract * you can permit the existing customer to assign the contract to a new customer Of course the existing and new customer may have their own ideas of how they want to proceed, and that might include the assignment option. An assignment of a contract requires a formal agreement, not something that you do on a napkin. There are a few issues that should be and are typically addressed in an assignment agreement; among them, * the assignment * an assumption of the agreement * acknowledgment that the agreement is valid and enforceable * indemnity between the existing and new customer K&K has added a new Assignment and Assumption Agreement to the Standardize Forms and the agreement is available now. It provides for a few options and covers your bases; it should be satisfactory to the existing and new customer. You can order the Assignment and Assumption Agreement at www.alarmcontracts.com *************************** STANDARD FORM AGREEMENTS: To order up to date Standard Form Alarm / Security / Fire and related Agreements click here: www.alarmcontracts.com *************************** CONCIERGE LAWYER SERVICE PROGRAM FOR THE ALARM INDUSTRY - You can check out the program and sign up here: https://www.kirschenbaumesq.com/page/concierge or contact our Program Coordinator Stacy Spector, Esq at 516 747 6700 x 304. *********************** WEBINARS:https://www.kirschenbaumesq.com/page/alarm-webinars *********************** ALARM ARTICLES: You can always read our Articles on our website at www.kirschenbaumesq.com/page/alarm-articles updated daily ************************* THE ALARM EXCHANGE - the alarm industries leading classified and business exchange - updated daily. https://www.kirschenbaumesq.com/page/alarm-exchange ************************* Wondering how much your alarm company is worth? Click here: https://www.kirschenbaumesq.com/page/what-is-my-alarm-company-worth ****************************** Getting on our email list / Articles archived: Many of you are forwarding these emails to friends or asking that others be added to the list. Sign up for our daily newsletter here: Sign Up. ************************** Ken Kirschenbaum,Esq Kirschenbaum & Kirschenbaum PC Attorneys at Law 200 Garden City Plaza Garden City, NY 11530 516 747 6700 x 301 ken@kirschenbaumesq.com www.KirschenbaumEsq.com
