The Risks with Long Term Contracts

4.1: Lift Maintenance Contracts Many complexes have long-term lift maintenance contracts:  often, for 10 years or so. These contracts include 2 big risks to body corporate funds: Inflated price increases: most contracts allow for regular increases, based on arbitrary formulas like ‘wages indexes’, or 3.5% CPI. With their compounding effect, these increases will quickly cause […]
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