Section 145. Strata Management Contracts - Minimum requirements
Management Agreements
Section 145. Strata management contracts: minimum requirements
This is a standalone document signed by 2 council members. An ordinary resolution, as part of an AGM, will not suffice.
(1) A strata management contract must be in writing and must -
(a) state the strata manager’s name and address for service; and
(b) state the strata company’s name and address for service; and
(c) state the Australian Company Number or Australian Business Number of each party with such a number; and
(d) specify when the contract starts and ends; and
(e) specify each scheme function to be performed by the strata manager under the contract; and
(f) specify any conditions that are to apply to the performance of the functions; and
(g) provide that the strata manager must give the strata company written reports about the strata manager’s performance of functions under the contract and set out the reporting requirements as to content and timing of the reports; and
(h) specify the remuneration that is payable under the contract or the manner in which the remuneration that is payable under the contract is to be calculated; and
(i) specify the accounts to be used under Section 148(1); and
(j) set out the text of, or give notice drawing attention to, section 151; and
(k) provide for any other matter that is required by the regulations.
(2) Before entering into a strata management contract, the strata manager must disclose in writing to the strata company —
(a) any direct or indirect pecuniary or other interest that the strata manager has that conflicts or may conflict with the performance of the strata manager’s functions; and
(b) the amount or value of any remuneration or other benefit that the strata manager has a reasonable expectation of receiving (other than from the strata company) in connection with the performance of the strata manager’s functions.
(3) Any variation to, or extension or renewal of, a strata management contract must be in writing.
(4) This section does not limit the matters that may be included in a strata management contract.
(5) If the strata management contract is a volunteer agreement with a volunteer strata manager, it need not comply with subsection (1)(c) or (g).