Contract Buyout

2ndgenjacket

2ndgenjacket

Varsity Lurker
Joined
Aug 2, 2002
Messages
65
Can someone tell me how these work?

If the coach gets another job ala Nutt, is the money still due?
 
Yes, Chan is going to get his 4 million over the next 4 years regaurdless of the next job he takes.
 
Buyout is similar to a severance payment that you would make in the business world. They can be structured and set up however the parties agree. That being said, I can't see a head coach agreeing to not take the full payment if he gets another job after being fired.
 
If the coach gets another job ala Nutt, is the money still due?
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Depends entirely on how Nutt left Arkansas, and has nothing to do with his next job. If Nutt negotiated his buyout to zero before he left, he doesn't owe anything. If he didn't, he owes the buyout in order to quit his job. Coaches usually negotiate with their new job so the new job covers some or all of the cost of the buyout, but technically the buyout is between the coach and his current employer, and has nothing legal to do with the new employer.

Best example is O'Leary. He interviewed with ND, ND hired him, and as part of his new contract, ND was going to give him a lump sum of X million dollars to pay off his GT buyout. He leaves Tech, then ND fires him and throws their lawyers at him to prevent him from receiving any money. At that point George owes TECH X Million dollars, and ND isn't going to pay it. Tech would have been fully within their rights to go after George for that cash, but instead we waived it. (which was a dumb move, IMO. Yay the Good Hearted Braine..)
 
Does anyone know if there is room to still negotiate this buyout or is it too late?
 
ContactBuzz said:
I'm not for sale.

Oh, you said "contract".
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There is no truth to the rumor that Contact is looking for a buyout of the Contact contract in order that he may look elsewhere to post.

If the rumor were true --BO or the Hive would have to pay off his ST buyout.
 
33jacket said:
Does anyone know if there is room to still negotiate this buyout or is it too late?
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Ne legal expert here --but if both parties agreed then I guess negotiations could change the terms of the current agreement. But Chan stands to get paid around $90K+ per month over the next four years --I doubt he would care to revisit the negotiation table. Also, in lieu of a leeser amount lump-sum payment, DRad may simply prefer to go with the monthly payouts --who knows.
 
GT65_UGA89 said:
Ne legal expert here --but if both parties agreed then I guess negotiations could change the terms of the current agreement. But Chan stands to get paid around $90K+ per month over the next four years --I doubt he would care to revisit the negotiation table. Also, in lieu of a leeser amount lump-sum payment, DRad may simply prefer to go with the monthly payouts --who knows.
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just heard a few weeks back that reducing the buyout in a mutual agreement was a possibility. Just wondering if that is still a possibility or not....based on how he was fired...my guess is it wasn't...but wanted to see if someone knew
 
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