When you hand in your notice at work it's usually a month you have to give because it says that in your contract.
At the same time your contract also says that if they want to lay you off for non-disciplinary reasons they have to give you a months notice.
When a football club sacks a manager there's rarely a notice period/compensation figure agreed on in advance, like when we wanted to sack Brown we had to put him on gardening leave until we agreed a settlement. That would suggest there's no notice period in a manager's contract. It would also make sense that even if there were such a clause it would only be effective during the early part of the summer, but that's a seperate discussion.
In the absence of a defined notice period in his contract NP is tied to us until the end of his contract unless compensation is accepted by the club, or if we sacked him compensation was accepted by him. If he resigned, unless we agreed to let him go he would be in breach of contract if he signed for another club before his contract was due to end.
When Taylor was here he was on a one year rolling contract (every day he woke up with a year left on his contract) with the compensation figures for if another club wanted him or if we wanted to sack him written into the deal. As we're stumbling over the negotiations either NP doesn't have similar clauses or Leicester aren't prepared to pay them and are haggling (I suspect the former is the more likely).
Thanks for clearing that up.

