The Condo Management Contract serves as the foundational document governing the relationship between condominium associations and professional management companies in the United States. This contract type is essential when associations seek professional management of their property, requiring detailed documentation of services, responsibilities, and compliance requirements. It addresses key aspects such as maintenance, financial management, administrative duties, and regulatory compliance at federal, state, and local levels. The document is particularly important for establishing clear accountability, service standards, and financial arrangements while ensuring compliance with relevant property management laws and regulations.
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1. Parties: Identification of the management company and the condominium association
2. Background: Context of the agreement and property details
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 termination conditions
6. Compensation: Management fees and payment terms
7. Insurance Requirements: Required insurance coverage and limits
1. Emergency Services: Procedures for handling emergency situations - used for larger properties or those requiring 24/7 coverage
2. Capital Improvements: Procedures for managing major property improvements - used for older properties or those planning renovations
3. Staff Management: Terms for managing on-site staff - used when the property has dedicated employees
1. Schedule A - Property Details: Detailed description of the property and common areas
2. Schedule B - Fee Schedule: Detailed breakdown of management fees and additional charges
3. Schedule C - Service Specifications: Detailed scope of services and performance standards
4. Schedule D - Insurance Requirements: Detailed insurance requirements and coverage limits
5. Appendix 1 - Emergency Procedures: Detailed emergency response procedures and contact information
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