Published : 1 July 2016
Often a trial period, and a training period, are included in the contract as a condition of the sale. Typically, in the hospitality industry, the trial period is carried out for two weeks prior to settlement. The training period may be during the trial period, or immediately after settlement, and usually runs for two weeks. Training would cover how the business operates and how to run it successfully going forward.
It is important to note that training arrangements are unique to every business. For larger, complex businesses or simply where the buyer requires more training, additional training can also be negotiated contractually with the vendor.