Step 3 — Contractual Details
Step 3 of 11 — Contractual Details captures the legal and financial agreement between the property owner and Inspiring Living Solutions. This is one of the most important steps.
“All contract documents are stored securely”
Sections in This Step
Section titled “Sections in This Step”Section 1 — Contract Dates
Section titled “Section 1 — Contract Dates”| Field | Required | Description | Example |
|---|---|---|---|
| Contract Start Date | No | When the management agreement begins | 01/01/2026 |
| Contract End Date | No | When the agreement expires | 31/12/2027 |
| Contract Type | No | Type of management arrangement — dropdown | Exclusive, Non-exclusive |
Section 2 — Monthly Payout Schedule
Section titled “Section 2 — Monthly Payout Schedule”Configure when the owner receives their monthly revenue payouts.
| Field | Required | Description |
|---|---|---|
| First Payout Day of Month | No | Primary payout date (e.g. day 1, 15) |
| Second Payout Day of Month | No | Optional second payout date — must differ from first |
Rules:
- Configure up to 2 payout dates per month
- For months with fewer days, payouts are automatically adjusted to the last day of the month
- Both dates must be different
Section 3 — Registration Numbers
Section titled “Section 3 — Registration Numbers”| Field | Required | Description |
|---|---|---|
| VAT Registration Number | No | Company VAT number if applicable |
| DBD Number | No | Department of Business Development registration number (Thailand) |
Section 4 — Financial Terms
Section titled “Section 4 — Financial Terms”The core commercial terms of the management agreement.
| Field | Required | Description | Example |
|---|---|---|---|
| Commission Rate (%) | No | ILS commission on booking revenue | 15.5 |
| Management Fee (%) | No | Monthly management fee percentage | 5.0 |
| Marketing Fee (%) | No | Marketing and listing fee percentage | 3.0 |
| Payment Schedule | No | How often payouts occur — default Monthly | Monthly, Weekly |
| Minimum Stay (nights) | No | Minimum booking length — default 1 | 2, 3, 7 |
| Payment Through IML | No | Toggle — route payments through Inspiring Management Ltd. (ILS-HK) | |
| Payment Terms | Yes | Written description of payout conditions and schedule | Free text |
| VAT Payment Terms | No | VAT-specific payment conditions | Free text |
Section 5 — Guest Policies
Section titled “Section 5 — Guest Policies”Operational rules applied to all bookings at this property.
| Field | Required | Description | Default |
|---|---|---|---|
| Cancellation Policy | No | Guest cancellation terms — dropdown | Moderate |
| Check-in Time | No | Earliest check-in time | 03:00 PM |
| Check-out Time | No | Latest check-out time | 11:00 AM |
Section 6 — Insurance Information
Section titled “Section 6 — Insurance Information”| Field | Required | Description |
|---|---|---|
| Insurance Provider | No | Name of the insurance company |
| Policy Number | No | Insurance policy reference number |
| Insurance Expiry Date | No | When the current policy expires |
Section 7 — Special Terms & Conditions
Section titled “Section 7 — Special Terms & Conditions”| Field | Required | Description |
|---|---|---|
| Special Terms | No | Any additional custom terms, exceptions, or notes specific to this contract |
Important Contract Notes
Section titled “Important Contract Notes”
- All contract documents are stored securely in SharePoint
- Contract dates are used for automatic renewal reminders
- Service charges are calculated based on booking revenue
- Payment terms define the payout schedule and conditions
Navigation
Section titled “Navigation”| Control | Action |
|---|---|
| Previous | Return to Step 2 — Owner Details |
| Save Progress | Save without advancing |
| Next | Save and advance to Step 4 — Bank Details |
Proceed to Step 4 — Bank Details.