established procedures (Collection Policy) approved by the Board of Directors. Bank charges for non-sufficient funds and all associated fees shall also be billed to the individual delinquent Association member to reimburse the Association. Management shall prepare and send "pay or lien" letters to delinquent homeowners and is authorized to charge an administrative expense to be paid by the association and charged back to the delinquent homeowner. A late charge administrative fee will be charged monthly on all delinquent accounts (See Exhibit A).
9. Management shall review vendor and service provider invoices or statements for accuracy and legitimacy within its scope and knowledge.
10.With the exception of recurring contractual obligations and/or items included in the approved budget, no authorization shall be made in excess of $500.00; however, excepting those emergency repairs that are necessary for the preservation and safety of the project and the occupants, and may be made by Management, up to a sum of $1,500 per emergency repair except as provided by Paragraph III.G.11 immediately below. An "emergency repair" shall be defined as any repair which is required to prevent manifest danger to life and property or any repair which is immediately necessary for the preservation and safety of the project or the safety of its occupants. 11.Notwithstanding this authority as to emergency repairs, it is understood and agreed that Management will, if at all possible, confer with a designated Board member regarding irregular expenditures. Even in the case of an emergency, Management shall not incur liabilities (direct or contingent) which will at any time exceed the aggregate sum of $1,500.00 or any liability maturing more than one year from the creation thereof, without first obtaining approval of the Board of Directors, which approval may be by telephone followed by written confirmation.
H. Insurance Administration.
Management may review all insurance coverage’s, assist in obtaining bids, and make recommendations related to same. Through an insurance agent, Management shall assist the Board of Directors to assure that proper coverage is maintained at all times at the cost to the association approved by the Board of Directors, including but not limited to appropriate all-risk insurance, general liability, directors and officers liability coverage, worker's compensation, and any fidelity insurance.
I. Miscellaneous Responsibilities.
Management may also perform such other acts and services as are reasonable, necessary and appropriate in the performance of its duties as discussed above. Other additional services may include any of the following for the compensation indicated in Exhibit A of this Agreement:
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VRC PPM Proposed Contract 2022 2/4/2022
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