This document outlines the top 10 must-have contract provisions for a maintenance agreement. It lists the key elements that should be included such as the date, parties, property description, description of work, remuneration, insurance requirements, indemnification, waiver of liens, miscellaneous provisions, and signatures. Ensuring these crucial details are addressed in the signed agreement can help avoid problems by providing appropriate protections for the owner and management company.

1. An IREM Skill Builder.
Top 10 Must-Have Contract Provisions
So, the bidding process is
over and it’s time to sign the
maintenance agreement.
Avoid problems by ensuring
that the signed agreement
offers appropriate
protections for the owner
and the owner’s agent.
As always, be sure to have the owner’s attorney
review any contracts and maintenance service
agreements prior to execution.

2. Top 10 Must-Have Contract Provisions.
10. Date
Believe it or not, the
date of the agreement
is often overlooked. Be
sure to include the date
of the maintenance
agreement in the final
contract.

3. Top 10 Must-Have Contract Provisions.
9. Parties
The parties to the
agreement must be
included. List out the
legal name of the
contractor and the legal
name of the property or
partnership, or the
management company
as the agent for the
property or partnership.

4. Top 10 Must-Have Contract Provisions.
8.Property Description
The property
description should
specify the legal
address/location and
legal property
description of where the
work or service will be
performed.

5. Top 10 Must-Have Contract Provisions.
7. Description of Work
This is where a well-
written specification
comes in handy as it
often becomes part of
the actual contract.
Describe the work or
service to be performed
thoroughly.

6. Top 10 Must-Have Contract Provisions.
Will the contractor be
paid monthly? In a lump
sum? Be sure to
specify the
remuneration, or
compensation to the
contractor, and how it is
to be paid.
6. Remuneration

7. Top 10 Must-Have Contract Provisions.
Include the required
insurance to be
provided by the
contractor—naming the
property, the owner or
partnership, and the
management company
(the owner’s agent) as
additional insured.
5. Insurance

8. Top 10 Must-Have Contract Provisions.
Always include the
indemnification
provision, or the
contractor’s
indemnification of the
property owner and
property management
company as the
owner’s agent.
4. Indemnification

9. Top 10 Must-Have Contract Provisions.
The waiver of liens and
the provisions for this
process must be
identified.
3. Waiver of Liens

10. Top 10 Must-Have Contract Provisions.
Address any
miscellaneous
provisions such as
dispute resolution
procedures, the
projected timeline,
financial penalties for
not finishing on time,
warranty and call-back
provisions, and so forth.
2. Miscellaneous

11. Top 10 Must-Have Contract Provisions.
Last but not least, don’t
forget the signatures
and date of signing by
each of the respective
contracting parties.
1.Signatures and Dates

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Learn more in the IREM® Key Report
Managing Your Maintenance Programs, and
visit www.irem.org.