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September 6, 2007
More On Contracts - I Promised This
What are some common mistakes that managers and boards in HOAs make in approving contracts?
Here is one of several mistakes that I pointed out in a recent E-Newsletter (which you can access ... and sign up for ... on my website at http://www.californiacondoguru.com):
No Way Out: Many contracts are very vague or noncommital about termination provisions. In other words, it’s easy to get in, but not easy to get out. And if the contract encompasses a lot of work or the term is for a long period of time, and the HOA finds it is very unhappy with the contractor’s work, conduct, reliability, etc.; finding a graceful way out can become very important. A bad working relationship is hard on all the parties. Specifics on incremental evaluation, assessment of work (such as a phased contract), and/or the ability to terminate the contract with or without cause on reasonable notice can become extremely important.
Look for the other common mistakes at the guru site ... simply "Enter" and scroll to the bottom of page two ... you don't know about the site yet?? Tell your friends, or maybe your enemies?? Anyone you think needs to know! That's the guru at http://www.californiacondoguru.com.
Posted by Beth Grimm at September 6, 2007 7:24 PM