RO AMC ( Annual Management Contract )
An Annual Management Contract (AMC) in the context of Real Estate (RO) typically refers to an agreement between a property owner (often referred to as the principal) and a property management company. This contract outlines the terms and conditions under which the management company will provide various services to oversee and maintain the property on behalf of the owner.
-
Scope of Services: This section outlines the specific duties and responsibilities of the property management company. It may include tasks such as rent collection, maintenance and repairs, tenant relations, financial reporting, and overall property administration.
-
Duration: The contract specifies the duration of the agreement, typically one year, but this can vary depending on the agreement between the parties.
-
Compensation: Details regarding the compensation structure are provided, including any management fees, performance incentives, or reimbursement for expenses incurred.
-
Termination: Conditions under which either party can terminate the contract, including notice periods and any associated penalties or fees.
-
Liability and Indemnification: Clauses outlining each party's liabilities and responsibilities in case of damages, losses, or legal disputes.