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Terms & Conditions

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