Articles

The Management Agreement between an association and a management agent outlines the contractual obligations and expectations between the association and the management agent. These contractual obligations define the duties and responsibilities of the management agent for the management and operation of the association. They also provide for the duties and responsibilities of the association, as effectuated through its Board of Directors. Equally as important to the management duties and operational provisions in the Management Agreement, so too are the insurance and indemnification provisions.

We have all bore witness to the breakdown of the professional relationship between an association and its management agent. Once the management agreement is terminated and a new management agent is selected, the next step for the association is to begin the transition process from the prior management agent to the newly selected management agent. It is expected that the transition process be seamless and professional, and many times the association’s board of directors leaves the professional transition to its hired professionals. While many times transitions go smoothly, what happens when it doesn’t?

The Management Agreement between a cooperative and a management agent outlines the contractual obligations and expectations between the cooperative and the management agent. These contractual obligations define the duties and responsibilities of the management agent for the management and operation of the cooperative. It also provides for the duties and responsibilities of the cooperative corporation, as effectuated through its Board of Directors Equally as important to the management duties and operational provisions in the Management Agreement, so too are the insurance and indemnification provisions.