The Condo Association Management Agreement is essential when a condominium association seeks to delegate day-to-day operations to a professional management company. This agreement, subject to U.S. federal and state laws, establishes the framework for property management, maintenance, financial administration, and compliance with regulatory requirements. It defines the roles, responsibilities, and relationship between the association and the management company, ensuring proper governance and operation of the condominium property. The agreement typically includes detailed provisions for service scope, fee structures, insurance requirements, and termination conditions.
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1. Parties: Identification of the Association and Management Company
2. Background: Context of the agreement and basic information about the property
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of management services to be provided
5. Term and Termination: Duration of agreement and conditions for termination
6. Compensation: Management fees and payment terms
7. Insurance Requirements: Required insurance coverage for both parties
8. Responsibilities of the Association: Obligations and duties of the condo association
9. Governing Law: Applicable jurisdiction and legal framework
1. Emergency Services: Protocol for handling emergency situations - recommended for larger properties or those requiring 24/7 coverage
2. Special Projects: Handling of renovation or improvement projects - include when significant property improvements are planned
3. Staff Management: Employment and supervision of on-site staff - include when the property requires dedicated staff
1. Schedule A - Property Details: Detailed description of the property and units
2. Schedule B - Fee Schedule: Detailed breakdown of management fees and additional charges
3. Schedule C - Scope of Services: Detailed list of specific services to be provided
4. Schedule D - Insurance Requirements: Specific insurance coverage requirements and limits
5. Schedule E - Maintenance Schedule: Regular maintenance and inspection requirements
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