Mazel says modification agreements are usually necessary for major renovations that could alter the structure of the building. Condominium leases give boards of directors much more leeway because boards of directors can reject a formal fairness amendment. However, the chambers must act quickly to make a decision. Cholst points out that most of the statutes indicate that if the board of directors does not take action on a project within 30 days of its filing, shareholders may consider that the project has been approved. Regardless of what you call, documents in multi-family communities that govern how changes are made, as well as when and by whom, are essential. “It defines the rights and duties of both parties and avoids ambiguity,” Weisberg says. “Without the agreement, the co-op or the co-ownership would not be able to properly control the work. How can you, for example, claim that the contract has exceeded the deadline if the deadlines are not set in an agreement? How can you say that working hours from 9 .m to 5 p.m. are .m if they are not stipulated in an agreement? The most important thing is that there must be a written agreement to compensate the insurance so that it properly protects the condominium or the condominium. The mere provision of an insurance certificate in which a person is designated as an additional insured without the prior written authorization of compensation is not sufficient to protect the company or the association. William Chatt, a partner at Cervantes Chatt-Prince, a law firm with offices in Chicago and Burr Ridge, Illinois, adds that the condominium documents contain “a language with a boiler platform that indicates that an equipment owner will have a contractor do work. Beforehand, the owner must submit the proposed work to the association, accompanied by information about the contractor and a certificate of insurance to the association designated as insured.” In all respects, these requirements reflect what is requested by a Koop Board of Directors in an amending agreement. “The best-intentioning contractors sometimes cause unintended harm,” says Alex, which is why modification agreements usually contain a language on insurance coverage.
“Neighbourhood damage is a common thing that people face,” she says. “A pre-construction survey is very important; some buildings do not pay enough attention to the implementation of the modifier treaty. The changes to the contract are the modification of the contractual terms with the agreement of both parties. The effect of amending a contract is to enter into a new contract, which must be supported by a good consideration. This example of an amendment agreement requires general liability insurance of at least $1 million; Beyond the contractor`s policy, you should have homeowner insurance as a back-up. For modifications involving the combination of two apartments, Mazel says, the partner can usually expand and own both apartments. As soon as the plans are submitted to a board of directors, a contract called an amending contract is usually signed between the management company and/or the board of directors and the shareholder. As soon as a deadline is set by an amendment agreement, the project should be as close as possible to the timetable set out in the agreement. However, if a project is longer than expected, shareholders can request an extension of the agreement. Berger says it is also important for the partner to monitor the project himself rather than relying on building inspectors to ensure that the project is completed in accordance with the amendment agreement.