What notice do we have to give our current Management Company?
What catches Boards out is not the length but the window. Many agreements auto-renew unless notice lands inside a specific period before the anniversary — say, no later than sixty days and no earlier than ninety. Miss it and you have renewed for another full term.
Put the notice deadline on the Board calendar the day you sign any management agreement, not the year you want to leave.
Two details decide whether a notice actually lands. Delivery method: many agreements specify certified mail with return receipt, and a great many Boards have given notice by email to a manager who never escalated it. And authority: confirm who is entitled to sign, because a notice from a Board member acting alone can be disputed where the bylaws require a recorded vote first.
Send it, keep the receipt, and put a copy in the minutes. The date you can prove is the only date that counts.
General information for Board members, not legal advice. State law and your governing documents control, and both vary.
More on the agreement
- What is an evergreen clause and should we accept one?
- How long should our management agreement run?
- Should the fee schedule be attached to the agreement?
- What is an indemnification clause and should we accept a one-way one?
- Can our management agreement be transferred if the company is sold?
- Should our management agreement name our specific manager?
The RFP template, scope checklist, interview scorecard, notice calendar and transition checklist your Board would otherwise build from scratch. No email address, no signup, nothing sent to you afterwards.