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HOA Manager/Board Training: Negotiating Vendor Contracts – Tempe, AZ
Nov 8th @ 12:00 pm - 1:00 pm
What Kind of Hole Have I Dug Myself Into? Tips for Associations When Reviewing Contracts with Vendors and Contractors
Every community association will find the need to contract with a third party vendor at some point, and many associations will simply rely on the vendor’s “standard form” contract. However, vendor form contracts are written with the best interest of the vendor in mind, and often contain terms detrimental to the association.
The board has the duty to protect the association’s interests. It is not sufficient for the board to simply sign the vendor’s proposed contract and move forward with a project. Instead, the board should engage its attorney to review and negotiate the contract. At the very least, the board should ensure that the contract addresses the following basic questions:
- What is required to terminate the contract?
- Who is responsible if someone is hurt by the actions or negligence of the vendor?
- Are there specific provisions for resolving conflicts between the parties?
- Are there hidden costs that are not specifically set forth in the contract?
- Is the time of completion addressed in the contract to the association’s satisfaction?
- Does the contract clearly set forth the requirements of both parties?
- Is the association adequately protected if the vendor fails to perform its duties?
- Should the association hire an expert to review the contract or oversee the project to make sure that vendor properly performs its job?
Includes lunch and a Q&A session!
Cost: Free, but please RSVP by emailing [email protected] or calling (480) 448-1334.