Transfer Agreement Polski: Understanding the Basics
Transferring a business from one owner to another can be a complicated process, especially when it involves international transactions. In Poland, the transfer of business ownership is regulated by the Transfer of Undertakings Act, also known as the Transfer Agreement Polski.
The Transfer of Undertakings Act is a set of regulations that govern the transfer of an enterprise, business, or its part from one owner or contractor to another. The act applies to businesses that employ at least one employee on the day of transfer and use a specific set of assets necessary for the continuation of the business.
The act states that the transfer of the business does not terminate the employment of the employees. The new owner of the business inherits all the rights, obligations, and responsibilities of the previous owner. The transferred employees are entitled to the same terms and conditions of employment that they enjoyed before the transfer.
Before the transfer agreement can be executed, there are several key factors to consider. These include the terms of the transfer agreement, the rights of the employees, and the liability of the parties involved.
The terms of the transfer agreement must be agreed upon by both parties in writing. The agreement should outline the date of transfer, the assets being transferred, and the consideration for the transfer. The consideration can take several forms, including cash, shares, or other assets. It is essential to note that the agreement does not have to be in Polish, but a certified translation must be provided for all foreign-language agreements.
The rights of the employees are critical in any transfer agreement. The act states that the transfer of the business does not affect the rights of the employees. The new owner of the business must recognize and respect the existing employment contracts, and the transferred employees must receive the same wages, working conditions, and benefits.
In terms of liability, the act stipulates that the original owner is responsible for any obligations or claims that arose before the transfer. The new owner is responsible for any obligations or claims that arise after the transfer.
In conclusion, the Transfer Agreement Polski is a set of important regulations that govern the transfer of business ownership in Poland. The act protects the rights of employees and ensures that the transfer of ownership is done fairly and transparently. Before entering into any transfer agreement, it is essential to understand these regulations and seek legal advice to ensure that everything is done correctly.