Type of management by which a syndicate of co-owners entrusts, in whole or in part, the management of the co-ownership to a service provider, commonly known as an external manager firm.
Your co-ownership is not immune to fraud. It may be defrauded by directors, co-owners, condo managers, service providers and third parties. Therefore, it is in your best interest to be wary of the behavior of potential suspects. You should not indulge in a witch hunt, however, some warning signs should arouse suspicion and command vigilance.
The manager bound to a syndicate by a contract for services does not have the same relationship with his client as the one who has the status of a salaried employee. That being said, regardless of the nature of the relationship between the parties, it is advisable to specify the contract’s terms and conditions, including its obligations and its possible renewal. This will prevent misunderstandings and possible litigation.
Terminating the contractual relationship between the manager and the syndicate of co-owners requires, at all times, an evaluation of the legal and contractual parameters. A review of the various scenarios illustrating the expiration or resiliation of a contract for services.