Vacant Property Management
- Contract Validity: One Year from the effective date
- Keys to be made available to Formula Group as per requirement
- Owner to provide details of AMC Vendors for valid contracts. Formula’s role would only be limited to coordination and therefore Formula shall not be held responsible for any delay/damages with respect to such work
- Repairs/replacements in the premises to be carried out by Formula only after approval by the owner and after the transfer of the requisite amount
- Cleaning service does not include any dry cleaning/washing of any fabric, which would be at additional cost
- Any courier/postal expenses shall be borne by the owner
- Service Fee to be paid quarterly in advance against invoices within 7days of receipt of the invoice
- Payments to be made in Favor of “Formula Corporate Solutions India Pvt. Ltd.”
- Delayed payments (beyond 15 days) shall attract a penal interest of 18% per annum on a prorata basis
- All invoices are subject to GST as applicable. (Currently @ 18%)
- 30 days Notice by either party for termination of Service contract
- In no circumstances, Formula’s liability would exceed the amount equivalent to one month consideration payable by the Owner under this contract excluding leasing service fee
Departure Service
- Owner to provide authorisation in order to coordinate with Tenant and have access to the premises as and when required
- All work in the premises to be carried out by Formula only after approval by the owner and after the transfer of the requisite amount
- Payments to be made in Favor of “Formula Corporate Solutions India Pvt. Ltd.”
- All payments to be made within 7 days of receipt of invoice
- Delayed payments (beyond 15 days) shall attract a penal interest of 18% per annum on a prorata basis
- All invoices are subject to GST as applicable. (Currently @ 18%)
Lease Renewal
- Authorisation to be provided to Formula by Owner in order to communicate with Tenant and Society
- All expenses in relation to the documentation on behalf of the owner to be carried out by Formula only on receipt of the requisite amount from the owner
- Postal charges if any to be paid by Owner as per actuals
- Payments to be made in Favor of “Formula Corporate Solutions India Pvt. Ltd.”
- All payments to be made within 7 days of receipt of invoice
- Delayed payments (beyond 15 days) shall attract a penal interest of 18% per annum on a prorata basis
- All invoices are subject to GST as applicable. (Currently @ 18%)
Furniture & Appliances Rental
- Agreement to be executed for the furniture/appliances rental between Formula and Client
- All repairs and replacements of the inventory shall be provided by Formula during the rental period
- All Payments to be made in Favor of “Formula Corporate Solutions India Pvt. Ltd.”
- All payments to be made within 7 days of receipt of invoice
- Delayed payments (beyond 15 days) shall attract a penal interest of 18% per annum on a prorated basis
- GST shall be applicable. Currently @ 18%
- Valid till 31st March 2021
Property Sale Services
- Signing of the service contract between the owner and Formula Corporate Solutions India Pvt. Ltd.
- Minimum 1 month notice is required to terminate the services
- All Payments to be made in Favor of “Formula Corporate Solutions India Pvt. Ltd.”
- All payments to be made within 7 days of receipt of invoice
- Delayed payments (beyond 15 days) shall attract a penal interest of 24% per annum on a prorated basis
- GST shall be applicable. Currently @ 18%
- Valid till 31st March 2021
Tenancy Management
- Signing of the service contract
- Minimum 1 month notice is required to terminate the services
- All Payments to be made in Favor of “Formula Corporate Solutions India Pvt. Ltd.”
- All payments to be made within 7 days of receipt of invoice
- Delayed payments (beyond 15 days) shall attract a penal interest of 24% per annum on a prorated basis
- GGST shall be applicable. Currently @ 18%
- Valid till 31st March 2021