The Operating Management Agreement is essential when property owners seek professional management services for their assets in Singapore. This contract type defines the relationship between the owner and the management company, outlining operational responsibilities, performance metrics, and financial arrangements. It is particularly relevant in Singapore's sophisticated property market, where professional management is often required for complex assets. The agreement must comply with Singapore's regulatory framework, including corporate, employment, and property laws, while addressing specific operational requirements and risk allocation between parties.
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Key Requirements PROMPT example:
Operating Management Agreement
"I need an Operating Management Agreement for a new luxury hotel in Singapore's Marina Bay area, with particular emphasis on performance standards and brand compliance, to be effective from March 2025."
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OR
1. Parties: Identification of all contracting parties, including full legal names and registered addresses
2. Background/Recitals: Context of the agreement, relationship between parties, and purpose of the arrangement
3. Definitions: Key terms used throughout the agreement and their specific meanings
4. Appointment and Scope: Terms of operator's appointment and scope of management services
5. Term and Termination: Duration of agreement and circumstances for termination
6. Operator's Obligations: Detailed responsibilities and duties of the managing operator
7. Owner's Obligations: Responsibilities and commitments of the property owner
8. Fees and Payment Terms: Management fees, structure, payment schedule, and related financial terms
9. Standard of Performance: Performance metrics and expected service standards
10. Governing Law: Specification of Singapore law as governing law
1. Non-Compete: Restrictions on competitive activities between parties and market protection provisions
2. Force Majeure: Provisions for handling unforeseen circumstances and events beyond parties' control
3. Environmental Compliance: Environmental obligations, standards and compliance requirements
4. Insurance: Insurance requirements, coverage obligations and related provisions
5. Data Protection: PDPA compliance requirements and data handling procedures
1. Property Details: Detailed description of the managed property including location, facilities and specifications
2. Services Schedule: Detailed scope of management services and operational responsibilities
3. Fee Schedule: Detailed breakdown of all fees, charges and payment structures
4. Performance Metrics: KPIs and performance measurement criteria for operator evaluation
5. Operating Standards: Detailed operational procedures, standards and quality requirements
6. Employee Handbook: Staff policies, procedures and employment guidelines
7. Emergency Procedures: Emergency response protocols and crisis management procedures
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