Contract Limitations. Unless otherwise approved in writing by Owner, each service contract entered into by Manager shall not extend for more than one year (with the exception of service contracts that are routinely more than one year, such as laundry contracts, etc.), and shall include a provision of cancellation thereof upon not more than thirty (30) days written notice, and shall require that all contractors provide evidence of sufficient insurance. All service contracts shall be approved by Owner and entered into by Manager for the account and in the name of the Property (or the Owner d/b/a the Property), and the funds necessary to pay for the services so obtained shall be paid from the Operating Account (hereinafter defined). Manager shall review all service contracts on an annual basis, determine whether to retain or cancel the services being provided.
Appears in 3 contracts
Sources: Property Management Agreement, Property Management Agreement, Property Management Agreement (American Community Properties Trust)