How does Contract buyout work?
Tim Anderson has agreed to a six-year, $25 million deal with the White Sox, the team announced on Tuesday, thus cementing his place as one of the club's cornerstones for the future. Two option years could take the value of the deal to $50.5 million over eight years, and the contract includes a $1 million buyout.
In this case, how does the buy out work. Can White sox get out of the contract by paying 1 million if they want or do they have to pay reminder of the $25 million owed plus 1 million?
In this case, how does the buy out work. Can White sox get out of the contract by paying 1 million if they want or do they have to pay reminder of the $25 million owed plus 1 million?