Commercial Property Management Agreement
COMMERCIAL PROPERTY MANAGEMENT AGREEMENT
Copyright & Provider: BCI PROPERTIES, LLC
(form update 10-23-09)
Page6
policies for its furniture, furnishings or fixtures situated at the Property, appropriate clauses pursuant to 202
which the respective insurance carriers shall waive all rights of subrogation with respect to losses 203
payable under such policies. 204
4.2 Additional Insurance. Manager must furnish a certificate evidencing Workers' Compensation and 205
crime insurance in a form acceptable to Owner if employees are used in the on-site management of 206
subject property. Crime insurance shall be for an amount not less than $40,000. The certificate shall be 207
attached thereto an endorsement that Owner will be given at least ten (10) days prior written notice of 208
cancellation of or any material change in the policy. Owner will not reimburse Manager for Manager's 209
cost of such insurance, or for any and all coverage Manager obtains for its own account. 210
211
4.3 Subcontractor's Insurance. Manager shall require that all subcontractors brought onto the Property 212
have insurance coverage at the subcontractor's expense, in the following minimum amounts: 213
214
(a) Workers' Compensation - Statutory Amount 215
216
(b) Employer's Liability (in those areas where it is required) $100,000 minimum 217
218
(c) Comprehensive General Liability (minimum): 219
220
i. $100,000 Bodily Injury per person 221
$300,000 per occurrence 222
$100,000 Property Damage 223
224
or 225
226
ii. $300,000 Combined Single Limit 227
228
Manager must obtain Owner's permission to waive any of the above requirements. Higher amounts may 229
be required if the work to be performed is sufficiently hazardous. Manager shall obtain and keep on file 230
a Certificate of Insurance which shows that the subcontractor is so insured. 231
*See Section VIII for claims/loss requirements. 232
ARTICLE V 233
234
FINANCIAL REPORTING AND RECORD KEEPING 235
236
5.1 Books of Accounts. Manager, in the conduct of its responsibilities to Owner, shall maintain adequate 237
and separate books and records for the Property, the entries to which shall be supported by sufficient 238
documentation to ascertain that said entries are properly and accurately recorded to the Property. Such 239
books and records shall be maintained by Manager at Manager's address as stated herein or at such 240
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Commercial Property Management Agreement
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Commercial Property Management Agreement
DOC: 75.8 KB | PDF: 547.7 KB (16 pages)
( 4.5, 10 votes )
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