To ensure the timely completion of maintenance and remedial works, the Landlord shall provide a maintenance float at the commencement of the management agreement. This float enables JFP to address property maintenance issues efficiently without requiring prior approval for each expenditure.
The required maintenance float shall be determined by the selected service package:
JFP is authorised to utilise the maintenance float exclusively for property-related repairs, maintenance, and associated works necessary to maintain the property in a good and tenantable condition.
JFP shall provide the Landlord with copies of all invoices, receipts, and relevant documentation relating to any expenditure made from the maintenance float. A full statement of account will be available upon request or at agreed reporting intervals.
Where the maintenance float balance falls below a reasonable operating level, JFP may request the Landlord to replenish the float to its original amount to ensure the continued efficiency of property maintenance operations.
Any unused portion of the maintenance float shall remain the property of the Landlord and will be refunded or carried forward upon termination of the management agreement, subject to the settlement of any outstanding maintenance costs.