Partner Steve Troup was quoted in the June 2014 issue of The Cooperator. The article “What You’re Getting Into – Vetting Contracts Before You Sign” addresses issues that board members and managers should consider when signing contracts on behalf of co-op and condo associations.

The article states that it’s crucial for a co-op or condominium community to establish successful business relationships and ensuring that a contract is fully vetted and amenable to both sides before work begins. Steve notes that “In general, automatic renewal clauses favor the vendor, and should be avoided. I always insist on a clause whereby the vendor must give 60 days’ advance notice to the co-op or condo of the expiration of the contract and in the absence of the co-op or condo taking affirmative steps to renew or extend, the contract terminates.”

To read the full article, click here.