Ideally, all contracts with service providers should be capable of being terminated upon notice.
How to make the process of terminating management rights agreements easier for OMCs?
1. to have a comprehensive, signed contract in place with all third-party service providers;
2. that contracts clearly state that the Property Manager is entering the contract as agent for the client;
3. that the contracted scope of services is clear and unambiguous;
4. that the contract with the service provider complies with any requirements the client has included in its property management contract;
5. that services contracts should incorporate a performance management regime / service level agreement;
6. Property Managers should fully inform themselves of the requirements of construction warranties when preparing maintenance plans and appointing contractors.
