Re: Terminating managing agent

Sorry I thought it would be easier to send the sample as the wording is exactly the same rather than typing it all out

Clause 5: This agreement commences on June 2011 and:

• May be terminated by either party giving not less than 3 months written notice of termination.
• Ends at the close of the next annual general meeting of the principal
• Is for a term of 3 years. At the expiration of this term, the agreement may continue for a further term of 3 years. If this further term is more than 3 months, the Principal may terminate the agreement by giving 3 months notice within that subsequent fixed term. If the principal terminates the agreement, the principal shall not be subject to any penalty.

I have underlined the sections that were completed by the strata agent. Next to each of these dot points is an asterisk that states ‘delete whichever is inapplicable’- none of these have been deleted on our contract.

Clause 15: If this agreement is terminated by the principal for any reason prior to expiry of its term (if any), the management fees for the remainder of the term will then become due and payable.

Hope this helps. Thanks so much for your help.