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Management Agreement (Real Estate)
"I need a Management Agreement (Real Estate) for my commercial office complex in Mumbai, where I want to engage a professional management company to handle all aspects of property management, including tenant relations and maintenance, with service commencement from March 1, 2025."
1. Parties: Identification of the property owner(s) and the management company, including their registered addresses and authorized representatives
2. Background: Context of the agreement, including property details and purpose of engaging the management company
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Term: Formal appointment of the manager, duration of the agreement, and renewal terms
5. Scope of Services: Detailed description of management services to be provided
6. Manager's Rights and Obligations: Comprehensive list of the manager's responsibilities and authority limits
7. Owner's Rights and Obligations: Owner's responsibilities, including funding obligations and cooperation requirements
8. Financial Arrangements: Management fees, operating expenses, budgeting, and accounting procedures
9. Reporting and Records: Requirements for financial reporting, maintenance of records, and audit rights
10. Compliance and Permits: Obligations regarding regulatory compliance and maintenance of necessary permits
11. Insurance: Insurance requirements for both parties
12. Indemnification: Mutual indemnification provisions and liability limitations
13. Termination: Grounds for termination, notice requirements, and post-termination obligations
14. Dispute Resolution: Procedures for resolving disputes, including jurisdiction and governing law
15. General Provisions: Standard boilerplate clauses including notices, amendments, and force majeure
1. Environmental Compliance: Specific environmental obligations and compliance requirements, used for properties with significant environmental impact
2. Staff and Employment: Terms regarding on-site staff employment and management, relevant for larger properties requiring dedicated staff
3. Marketing and Leasing: Provisions for marketing and leasing services, applicable for commercial properties or residential complexes with high turnover
4. Capital Improvements: Procedures for major renovations and improvements, important for older properties or those requiring significant upgrades
5. Emergency Procedures: Specific procedures for handling emergencies, crucial for high-risk or high-value properties
6. Technology and Systems: Requirements for property management software and systems, relevant for modern or smart buildings
7. Sustainability Measures: Green building and sustainability requirements, important for LEED-certified or environmentally conscious properties
1. Property Details: Detailed description of the property, including location, boundaries, and amenities
2. Scope of Services: Detailed breakdown of management services with specific tasks and frequencies
3. Fee Structure: Detailed breakdown of management fees, additional charges, and payment terms
4. Key Performance Indicators: Metrics for evaluating management performance
5. Operating Budget: Annual operating budget and financial projections
6. Maintenance Schedule: Planned maintenance activities and schedules
7. Emergency Contacts: List of emergency contacts and escalation procedures
8. Required Insurance: Detailed insurance requirements including types and coverage amounts
9. Applicable Permits: List of required permits and licenses with renewal dates
10. Staff Requirements: Staffing plan including roles, responsibilities, and qualifications
Authors
Real Estate
Property Management
Facility Management
Commercial Real Estate
Residential Real Estate
Retail Real Estate
Industrial Real Estate
Hospitality
Mixed-use Development
Asset Management
Legal
Operations
Facility Management
Property Management
Asset Management
Finance
Compliance
Real Estate
Administration
Maintenance
Leasing
Property Manager
Facility Manager
Real Estate Manager
Asset Manager
Operations Manager
Legal Counsel
Compliance Officer
Financial Controller
Real Estate Director
Portfolio Manager
Property Owner
Building Manager
Maintenance Manager
Leasing Manager
Real Estate Administrator
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