Hotel Management Agreement Draft Page 8
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17by ABC. The law in force in the Union of India shall be
applicable in all cases.
d. The Management Fee shall be paid on a monthly basis by the
___ of the following month.
PART III
RESTRICTION ON OPERATOR
The Operator shall have full discretion and control in the operation of the
Hotel subject only to such limitations as are explicitly set out in this
Agreement and particularly in this Part.
1.
The Operator shall deliver to ABC prior to the end of each month, a
profit and loss statement showing the results of operation of the
Hotel for the preceding calendar month and the year to date and
containing the computation of the Management fee payable.
2.
The Operator shall not pledge the credit of ABC nor shall the
Operator in the name of or on behalf of ABC borrow any money or
execute any promissory notes, or other obligations on behalf of
ABC.
3.
The Operator shall maintain or cause to be maintained all records
and registers and shall submit or cause to be submitted to
appropriate authorities all information, reports, etc. as are legally
obligatory on the Operator, and / or ABC.
4.
The Operator shall prepare and submit to ABC as far as possible,
not later than the commencement of the Accounting Year, the
following budgets for ABC‟s approval which shall not be
unreasonably withheld:
a. A budget for operation – Revenue and expense.
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