Page 14 - The NY Cooperator August 2019

INSURANCE/BOARD TRAINING A s in life, there are no guarantees ing for which you’d expect to see a war- when it comes to building systems, ranty—and it depends to some extent on parts, and components. But unlike where the building is in its life cycle—are life, there are warranties and service agree- ments to ease the pain when something to 20 years, the boiler – perhaps 10 years – breaks down, gets damaged, or proves to and windows, among others. The Cadillac be defective. Like a kind of insurance, war- ranties protect our investments in cases of (NDL) warranty. With those, whatever the unexpected events, working hand in hand cost, the manufacturer will repair it.” with service agreements to keep things run- ning at top performance. What’s a Warranty? A warranty is defined in part as “a writ- ten guarantee, issued to the purchaser of look at this simply, if you buy a dishwasher an article by its manufacturer, promising and it breaks down within a certain speci- to repair or replace it if necessary, within a fied period of time, the manufacturer will specified period of time. In contract law it is replace the part – or the whole machine – further defined as a promise that something and that might or might not include the la- in furtherance of the contract is guaranteed bor involved in repairing or removing/rein- by one of the contractors, especially the stalling it. Now let’s assume the dishwasher seller’s promise that the thing being sold is was installed during a renovation, and it’s as promised or represented.” Both of these the contractor who caused the damage that definitions have multiple applications in led to the dishwasher breaking down. The the context of multifamily communities, parts would be paid for by the manufac- including co-op and condo corporations turer – but the contractor would be respon- and associations. Not all warranties are the same. “Differ- ent warranties work in different ways,” says roof, the components of the roof are pro- Jeffrey Reich, a partner at Schwartz Sladkus tected under the manufacturer’s warranty. Reich Greenberg & Atlas, a law firm based But any damage resulting from the work in Manhattan. “The components of a build- the roof, which might have a warranty of 10 of warranties is a 20-year, no-dollar-limit Manufacturer Versus Contractor Warranties In general, warranties can be split into two main groups: parts and labor. So to sible for the labor. If we apply the same format to, say, a done by the installing contractor would Warranties and Service Agreements What You Should Know About Coverage BY A J SIDRANSKY 250 Park Avenue South New York, New York 10003 212-557-3600 www.TudorRealty.com To learn more about our property management services, please contact Andrew S. Lazarus, Senior Vice President 212-813-3054 or ALazarus@TudorRealty.com Since 1990, Tudor Realty Services Corp. has been providing hands- on, proactive property management services to cooperative and condominium buildings throughout New York City. Life was simpler in 1990. New rules and regulations as well as changing technology have certainly made managing your building more challenging. Let us tell you how our extensive experience, team approach, strong financial reporting, and advanced use of technology will help you meet the challenge. 37966_Cooperator_5x6.25.indd 1 12/8/17 11:24 AM 14 THE COOPERATOR —AUGUST 2019 COOPERATOR.COM ISTOCKPHOTO.COM