Quote:
Posted By ReneeD on 10/18/2010 9:33 PM
Board has decided to terminate contract and go with another management company. How does the Board address this at our next meeting. Should it be included in current Management Agenda or, as an Addendum from the Board. Thanks. -Renee
First, I presume you have reviewed your management agreement to determine when and how you may terminated the agreement. The Board will need to have another management company selected and available by that date.
At a Board meeting your Board can either: 1) not invite the current managing agent to the Board meeting where this motion and vote will occur; or 2) if they must be present the Board can excuse the managing agent from the meeting at such time as they areno longer needed and then make the motion and vote. If the motion passes the management company is given, in writing, a termination date which complies with the agreement.
CAUTION: try to part amicably because the current management company will need to interface with the new management company.