BOCOBAY PROPERTY MANAGEMENT TERMS & CONDITIONS

1. MANAGEMENT AUTHORITY

1.1 Grant of Authority The Owner hereby employs and grants to Bocobay the exclusive right to act on behalf of the Owner and provide property management services in respect of the Property for the duration of this Agreement. Bocobay is authorised to take any action it determines to be in the Owner's interest in connection with the management of the Property.

1.2 Exclusivity The Owner agrees that Bocobay's appointment under this Agreement is exclusive. During the term of this Agreement the Owner shall not appoint any other property management company or letting agent to manage the Property, shall not list the Property on any booking platform independently, and shall not maintain any listing in respect of the Property that is not under Bocobay's management. Any existing listings not managed by Bocobay must be deactivated prior to or on the commencement date of this Agreement.

1.3 Advertising and Marketing Bocobay may advertise and market the Property by such means and methods as Bocobay determines are reasonably competitive, including but not limited to listing the Property on short-term rental platforms and Bocobay's own website and through other marketing channels. For the purposes of marketing the Property, Bocobay may take and use interior and exterior photographs and other visual media of the Property and publish these in any medium including online platforms and the internet. All photographs and visual media produced by or on behalf of Bocobay in connection with the marketing of the Property shall remain the intellectual property of Bocobay and may be retained and used by Bocobay following termination of this Agreement.

1.4 Signage Place signs on the Property in accordance with applicable laws, regulations, ordinances, restrictions and any applicable homeowners' association rules.

1.5 Rental Agreements Enter into rental agreements on behalf of the Owner for the short-term vacation rental of the Property.

1.6 Rental Rates Set, adjust and negotiate rental rates using dynamic pricing models to maintain competitiveness, including offering promotional rates during periods of low occupancy. The Owner authorises Bocobay to use its judgement to maximise rental revenue by negotiating rental rates when needed to achieve higher occupancy rates.

1.7 Contractors and Maintenance Hire, discharge and supervise contractors to carry out reasonable and necessary repairs and maintenance to the Property, including cleaning, laundry services, inspections and maintenance. A carpet cleaning and full deep clean - including upholstery and windows - is required at least once per year. Bocobay will notify the Owner when the annual deep clean is due and will arrange and charge the cost of such cleaning to the Owner's account if instructed by Bocobay.

1.8 Maintenance Authority Carry out repairs and maintenance up to a value of $250 per maintenance event without seeking the Owner's prior approval. For any single repair or maintenance item exceeding $250, Bocobay will seek the Owner's prior written approval by email before instructing works to proceed. In cases of genuine emergency where immediate action is required to protect the Property or the safety of guests, Bocobay may authorise works exceeding $250 without prior approval and will notify the Owner by email as soon as practicable thereafter.

1.9 Bocobay Equipment Use Bocobay's own equipment and personal property in connection with the management and operation of the Property where reasonably necessary. All such equipment and personal property shall remain the property of Bocobay and will be removed at the end of the term of this Agreement.

1.10 Guest Fees Charge guests applicable taxes, reservation fees, cleaning fees, cancellation fees, damage charges and other fees as Bocobay reasonably determines appropriate. Any such fees shall be in addition to the base rental rate charged to the guest and shall not form part of the Net Rent.

1.11 Relocation of Guests Bocobay reserves the right to relocate guests to alternative accommodation where the Property becomes unavailable or unsuitable during a confirmed stay. Any reasonable costs associated with such relocation that are directly attributable to the Owner's failure to maintain the Property in the agreed condition shall be recoverable from the Owner's account.

1.12 Refunds to Guests Bocobay reserves the right to negotiate and issue refunds to guests where it reasonably determines this is necessary to resolve a complaint or dispute. Where a refund is directly attributable to a property deficiency within the Owner's control, the cost may be recovered from the Owner's account.

1.13 Guest Privacy The Owner shall not enter the Property during a confirmed guest stay without Bocobay's prior written approval by email. In cases of genuine emergency the Owner must notify Bocobay immediately by email to the designated contact address. The Owner shall not install or maintain any video or surveillance equipment in any area of the Property accessible to guests.

2. BOCOBAY'S DUTIES

2.1 Rental Income Collect and administer rental income on behalf of the Owner in accordance with the terms of this Agreement. All rental income collected will be held in Bocobay's management account and disbursed to the Owner in accordance with the monthly statement process set out below.

2.2 Taxes Bocobay shall collect and remit applicable taxes charged to guests in respect of short-term rentals of the Property, as required by the applicable laws of the territory in which the Property is located. Such taxes include, but are not limited to, accommodation taxes, tourism taxes, and any general consumption, value-added or sales tax (including VAT, BBO, or equivalent) applied to short-term rental services in the relevant territory. Where a third-party booking platform collects and remits such taxes directly to the relevant authority, Bocobay's obligation under this clause shall be deemed satisfied in respect of those bookings. All other taxes arising from the Owner's ownership or rental income from the Property - including but not limited to income tax, corporate tax, profit tax, ground/land tax and wealth tax - remain solely the Owner's responsibility. Bocobay does not provide tax advice and the Owner is encouraged to seek independent tax counsel.

Bocobay acts as disclosed agent and intermediary on behalf of the Owner in its dealings with third-party booking platforms and payment processors. Channel fees and payment processing fees are pass-through amounts collected and remitted on the Owner's behalf and do not constitute revenue or taxable services of Bocobay. Any tax obligation arising from services supplied by such platforms or processors - including reverse charge, VAT on imported services or equivalent - is the sole responsibility of the Owner; Bocobay will not file or remit such taxes on the Owner's behalf. Bocobay shall make sufficient booking, income and fee data available to the Owner to support the Owner's own tax compliance obligations, though the provision of such data does not constitute tax advice.

2.3 Monthly Statements Bocobay shall maintain a separate accounting record of all receipts, expenditures, disbursements and reservations relating to the Property. Bocobay shall prepare a statement of all rental receipts received in each month, based on reservations ending in that month (the "Monthly Statement"). As an example, if a guest stays at the Property from March 28 through April 4, the Monthly Statement for March will not include the rental receipts for the nights of March 28, 29, 30 and 31 - the entire reservation will appear on the April Monthly Statement. Bocobay shall make the Monthly Statement available to the Owner via the My Bocobay owner portal on or before the 14th day of the following month. Each Monthly Statement shall be accompanied by a bank transfer of the amount due to the Owner into the account nominated by the Owner, less any applicable bank charges, foreign currency fees and exchange rate fees where payment is made to a non-resident account.

2.4 Personnel Bocobay shall provide all personnel necessary to coordinate cleaning and maintenance, manage on-the-ground guest support, conduct property inspections and otherwise fulfil Bocobay's local property management obligations under this Agreement.

2.5 Repairs and Maintenance Notification Bocobay shall promptly notify the Owner by email of any need for repairs, replacements or improvements to the Property that come to Bocobay's attention, including any items identified during cleaning or guest stays. Where works are required that exceed Bocobay's authority threshold, Bocobay will provide the Owner with a written summary of the issue and, where possible, an estimated cost.

2.6 Guest Liaison Bocobay shall act as the primary point of contact for all guest communications before, during and after each stay, including managing complaints, disputes and feedback. Bocobay will use reasonable endeavours to resolve guest issues promptly and in a manner that protects the reputation of the Property.

2.7 No Income Guarantee Bocobay makes no representation or guarantee to the Owner regarding the level of rental income or occupancy the Property may achieve. Rental income will vary based on market conditions, seasonality, property condition and other factors outside Bocobay's control. Rental income under this Agreement is derived solely from the rental of the Property. There is no pooling of income or expenses with other properties under Bocobay's management.

3. COMPENSATION

3.1 Management Fee Bocobay shall be entitled to receive a management fee at the rate specified in the Property Management Agreement (the "Management Fee") - for services relating to local property management - calculated as a percentage of Net Rent. The Management Fee shall be deducted by Bocobay from rental income collected on the Owner's behalf prior to disbursement. The Management Fee is subject to applicable sales tax including BBO. No Management Fee is due when the Property is unoccupied, occupied by the Owner, or occupied by family members or non-paying guests identified by the Owner. Where the Owner identifies any occupant as non-paying, Bocobay's operational duties under this Agreement are suspended for the duration of that occupation.

3.2 Net Rent "Net Rent" shall consist of the total rent collected from guests on fully prepaid reservations for the Property, less the following deductions: applicable accommodation and tourism taxes; cleaning fees; security deposits; credit card and payment processing fees; foreign currency and exchange rate fees; OTA platform commissions and booking fees; any other fees charged directly to the guest by the booking platform.

3.3 Owner Disbursement From the Net Rent received each month, Bocobay shall deduct its Management Fee and any outstanding expenses incurred on the Owner's behalf, and remit the remaining balance to the Owner in accordance with the Monthly Statement process.

3.4 Owner Account and Minimum Balance The Owner is required to maintain a minimum credit balance of $500 on their Bocobay owner account at all times. Bocobay will notify the Owner when their account balance falls below this threshold, and the Owner shall fund their account to at least $500 within 7 calendar days of receiving such notification.

3.5 Owner Cancellation Fee In the event of an owner-initiated cancellation of a confirmed guest reservation, Bocobay shall be entitled to retain or recover its standard management fee on that booking as compensation for lost commission. This applies regardless of the reason for cancellation unless otherwise agreed in writing by Bocobay.

3.6 Uncollectable Rental Income Bocobay shall not be liable to the Owner for rental income that cannot be collected for any reason, including but not limited to credit card chargebacks, OTA payment failures, returned or reversed payments, or damage costs assessed against guests that remain unpaid.

3.7 Concierge and Ancillary Services Bocobay may offer concierge, experiential and ancillary services to guests staying at the Property, including but not limited to transportation, excursions, in-stay experiences and other guest services. Such services are provided by Bocobay independently of this Agreement. Revenue generated from concierge and ancillary services is retained entirely by Bocobay and does not form part of Net Rent or the Owner's rental income under this Agreement. Any charges for such services are between Bocobay and the guest directly and do not create any obligation or entitlement on the part of the Owner.

4. OWNER'S REPRESENTATIONS AND RESPONSIBILITIES

4.1 Representations The Owner represents and warrants to Bocobay that the Owner holds vested title to the Property or is otherwise duly authorised to enter into this Agreement, and that entering into this Agreement does not conflict with any mortgage, lease, homeowners' association rule, or other obligation affecting the Property. The Owner warrants that all necessary permissions, consents and approvals required for the short-term rental of the Property have been obtained and will be maintained throughout the term of this Agreement.

4.2 Onboarding Obligations Prior to the commencement date of this Agreement, and as a condition of Bocobay commencing services, the Owner shall: provide a minimum of 3 full working sets of keys, access cards, fobs or codes providing unrestricted access to the Property and all areas guests are entitled to use; make the Property available for an initial photoshoot to be arranged by Bocobay; ensure the Property is clean, furnished and in a guest-ready condition prior to the first guest arrival; and provide Bocobay with copies of any and all documents and records relating to the maintenance of the Property, including any existing service contracts, warranties, appliance manuals and utility account details.

4.3 Property Condition and Standards The Owner shall provide and maintain a clean, safe and habitable Property in good working order throughout the term of this Agreement. The Owner is required to provide and maintain the Property to a high standard in terms of both aesthetics and functionality. This includes furnishing each room with suitable furniture to accommodate the maximum number of guests permitted at the Property, and providing necessary amenities including but not limited to dishes, kitchen utensils, pillows and bedding. Bocobay maintains a standard set of materials and requirements for properties under its management and reserves the right to exercise aesthetic approval of the Property and all furnishings. Where the Property does not meet Bocobay's standards, Bocobay may require the Owner to make reasonable improvements within a specified timeframe.

The Property and its contents must meet a standard reasonably expected by guests based on the listing description and photography. This includes but is not limited to: all fixtures, fittings and appliances being in good working order; adequate furniture, furnishings and equipment appropriate to the property type and guest capacity; fire safety measures including functioning smoke alarms, carbon monoxide detectors and fire extinguishers installed and maintained in accordance with applicable local regulations; electronic keypad or keycard access to the Property maintained in good working order at all times; and annual deep clean - including carpets, upholstery and windows - arranged and funded by the Owner.

4.4 Minimum Availability The Owner agrees to make the Property available for short-term rental management by Bocobay for a minimum of 183 days in any 12-month period commencing on the agreement start date. Where the Property is made available for fewer than 183 days in any such period, Bocobay reserves the right to review the terms of this Agreement, including the applicable management fee rate, or to terminate the Agreement on written notice.

4.5 Guest Occupancy The Owner shall give guests complete and exclusive occupancy of the Property for the duration of their confirmed stay. The Owner guarantees that guests shall be accorded peaceful and undisturbed possession of the Property throughout their rental period and shall take no action that interferes with or disrupts a guest's enjoyment of the Property.

4.6 Surveillance The Owner warrants that guests will not be recorded by any video, audio or surveillance equipment during their stay at the Property. Any surveillance equipment installed in or around the Property must be disclosed to Bocobay prior to commencement of this Agreement and must not cover any area accessible to guests.

4.7 Sale of Property The Owner shall immediately notify Bocobay in writing if the Property is listed for sale or if the Owner enters into any agreement for its sale or transfer. The Owner shall make no commitment to a purchaser that would interfere with confirmed guest bookings or Bocobay's rights under this Agreement without Bocobay's prior written consent. Following receipt of such notification, Bocobay shall continue to market and promote the Property for short-term rental for a period of up to 6 months from the date of notification, or until completion of the sale or transfer, whichever is earlier, unless otherwise agreed in writing by both parties.

4.8 Property Changes The Owner acknowledges that any structural changes to the interior or exterior of the Property may require the prior written approval of the relevant developer or homeowners' association. The Owner shall notify Bocobay of any such changes and confirm that all required approvals have been obtained before works commence. Any major changes may require updated photography at the Owner's cost.

4.9 Repairs and Maintenance Compliance The Owner shall promptly comply with any written notification from Bocobay regarding necessary repairs, replacements or improvements to the Property. Where the Owner fails to act on a maintenance notification within a reasonable period and this results in guest complaints, poor reviews or guest relocation costs, such costs shall be recoverable from the Owner.

4.10 Contractor Access The Owner shall give Bocobay advance written notice of any maintenance, repair or replacement works to be carried out at the Property by the Owner or the Owner's contractors, in order to avoid disruption to guest stays. All contractor access must be coordinated through Bocobay during any period when the Property is occupied or has confirmed upcoming reservations.

4.11 Owner's Storage The Owner may maintain a locked storage area within the Property for personal belongings, provided it does not materially reduce the space available to guests. The Owner shall provide Bocobay with a duplicate key or access code to the storage area so that cleaning teams can access it as necessary for operational purposes. Bocobay accepts no responsibility for items stored in the Owner's storage area.

4.12 High-Value and Sentimental Items The Owner is strongly advised to remove all high-value, irreplaceable or sentimental items from the Property prior to commencement of this Agreement. Bocobay accepts no liability for loss, theft or damage to any items left in the Property during guest stays or cleaning.

4.13 Insurance The Owner shall obtain and maintain, at the Owner's sole expense, comprehensive property insurance and public liability insurance covering the Property and its contents for short-term rental use, with adequate public liability insurance appropriate to the nature, size and use of the Property, in an amount agreed with Bocobay at onboarding. Bocobay shall be named as an additional insured on the Owner's public liability policy. The Owner shall provide Bocobay with evidence of current insurance cover on request and shall notify Bocobay immediately of any lapse or material change in coverage. The Owner shall pay all insurance premiums, assessments and dues required to maintain coverage throughout the term of this Agreement.

4.14 Foreign Exchange Fees Where the Owner receives payouts outside of the territory in which the Property is located, such payments may be subject to foreign exchange tax, remittance tax, or equivalent levies imposed by the applicable laws of that territory. The Owner acknowledges sole liability for any such taxes arising from the transfer of funds outside the relevant territory. Where Bocobay is required or permitted by applicable law to withhold such taxes at source, Bocobay is entitled to deduct the applicable amount from the Owner's payout and remit it directly to the relevant tax authority. Bocobay shall notify the Owner of any such withholding and provide reasonable documentation in respect thereof. The Owner is encouraged to seek independent tax advice regarding their exposure to foreign exchange or remittance taxes in the relevant territory.

4.15 Formal Notices All formal notices given by the Owner to Bocobay under this Agreement must be sent by email to the designated Bocobay contact address. Notices sent by telephone, WhatsApp, SMS or other informal channels shall not constitute valid notice for the purposes of this Agreement. Notices shall be deemed received on the next business day following the date of sending.

4.16 Non-Discrimination The Owner agrees that the Property shall be made available to all guests without discrimination on the basis of race, colour, religion, gender, sexual orientation, national origin, disability or any other characteristic protected by applicable law.

4.17 Independent Contractor Nothing in this Agreement shall be construed to create a partnership, joint venture or employment relationship between the Owner and Bocobay. Bocobay acts as an independent contractor to the Owner and the Owner has no right to control or direct the details of Bocobay's business operations.

5. RENTAL OF PROPERTY

5.1 Check-In and Check-Out Bocobay shall establish check-in and check-out times for the Property. Standard check-in time is 4:00pm and standard check-out time is 10:00am local time. Bocobay reserves the right to modify these times at its discretion to accommodate operational requirements, back-to-back reservations or guest requests, provided this does not materially disadvantage either the departing or arriving guest.

5.2 Cleaning and Linen Bocobay shall arrange a standard turnover clean of the Property between each guest stay, funded from the cleaning fees collected from guests. A standard turnover clean includes dusting and wiping of all accessible surfaces, vacuuming and mopping of floors, cleaning of bathrooms, kitchens and appliances, making up beds with fresh linen, and removal of guest waste. The standard turnover clean does not include deep cleaning, upholstery or carpet cleaning, window cleaning, mould treatment, pest control or other specialist services - these are the Owner's responsibility as set out in Section 4.

Bocobay shall provide linen and towel services for each guest stay. Linen provided includes but is not limited to bed sheets, pillow cases, duvets, bath towels, beach towels, wash cloths and kitchen towels. All linen supplied by Bocobay remains the property of Bocobay throughout the term of this Agreement.

Bocobay will provide additional maid services and linen refresh as requested by guests during their occupancy, for an additional service fee paid by the party requesting the additional services. For the rare occurrence of a longer than average guest stay, Bocobay shall arrange a refresh of linens and a new set of guest supplies at Bocobay's discretion, the cost of which shall be funded from the cleaning fees collected.

5.3 Owner Rentals and Occupancy The Owner may reserve the Property for personal use, or make it available to family, friends or other guests connected to the Owner, provided those dates have not already been reserved by a guest. The Owner agrees and acknowledges that the Owner cannot occupy the Property, or allow others to do so, during any period in which there is a confirmed guest reservation. The Owner shall not request the cancellation of any confirmed guest reservation for the purpose of personal use or to accommodate connected guests or any other reason without Bocobay's prior written approval. Where the Owner or any connected guest intends to occupy the Property, the Owner shall notify Bocobay with reasonable advance notice and ensure the relevant dates are blocked in the calendar. Where the Owner occupies the Property for personal use, the Owner shall pay the standard cleaning fee applicable to guest stays at the same rate charged to other guests. The Owner and any connected guests are subject to the same check-in and check-out times and procedures as other guests.

5.4 Guest Reservation Cancellation In the event of an owner-initiated cancellation of a confirmed guest reservation, Bocobay shall be entitled to retain or recover its standard management fee on that booking as compensation for lost commission, equivalent to the management fee percentage applied to the booking total. This applies regardless of the reason for cancellation unless otherwise agreed in writing by Bocobay. The Owner shall also be solely responsible for any cancellation penalties imposed by the relevant booking platform arising from an owner-initiated cancellation.

5.5 Relocation of a Guest In the event a guest takes possession of the Property and is relocated for any reason to another property managed by Bocobay, the rental income collected for the entire length of the guest's stay across both properties shall be allocated to the Owner's Property on a pro-rata basis according to the number of nights the guest stayed in each respective property.

5.6 Refunds Bocobay may refund a guest's rent and security deposit in full or in part where a reasonable likelihood exists that the guest will pursue a claim or dispute, or where Bocobay determines in its reasonable judgement that a refund is warranted to resolve a complaint. Where a dispute is resolved by Bocobay's agreement to reduce the rent, the rent shall be the amount collected in settlement of the dispute. Where a refund is directly attributable to a property deficiency within the Owner's control, the cost may be recovered from the Owner's account.

5.7 Guest Disputes In the event a dispute arises with a guest regarding the Property, on or after taking possession, Bocobay shall act as liaison between the Owner and the guest and shall use reasonable endeavours to resolve the dispute promptly. Where a dispute results in financial loss that is directly attributable to the Owner's failure to maintain the Property in the agreed condition, such loss shall be recoverable from the Owner.

5.8 Damage Charges Bocobay will communicate damage charges to guests within 14 business days after checkout where damage to the Property is identified. Bocobay will use reasonable endeavours to recover damage costs from guests or through the relevant booking platform's resolution process. Where damage costs cannot be recovered from the guest, Bocobay will notify the Owner and the Owner shall be responsible for repair or replacement costs in excess of any amount recovered.

5.9 Eviction of a Guest In the event that the collection of rent or the eviction of a guest becomes necessary, Bocobay shall incur only those administrative expenses associated with correspondence, billing notices and telephone calls. All other collection or eviction expenses shall be the Owner's responsibility, including attorney fees. Bocobay will not incur collection or eviction expenses on behalf of the Owner without the Owner's prior written approval, except in cases of emergency where immediate action is required to protect the Property or the safety of other guests.

6. REPAIRS TO PROPERTY

6.1 Bocobay's Maintenance Authority Bocobay is authorised to arrange and instruct repairs and maintenance to the Property up to a value of $250 per maintenance event without seeking the Owner's prior approval. Bocobay will use reasonable endeavours to select competent and appropriately priced contractors for all works instructed under this authority. All costs incurred will be charged to the Owner's account and itemised on the monthly statement.

6.2 Works Exceeding Authority Threshold For any single repair or maintenance item estimated to exceed $250, Bocobay will notify the Owner by email with a written summary of the issue and, where possible, an estimated cost and recommended course of action. The Owner shall respond within 5 business days of notification. Where the Owner fails to respond within this period and the condition of the Property deteriorates as a result, or where guest complaints or claims arise from the unresolved issue, any associated costs and losses shall be the Owner's responsibility.

6.3 Emergency Works In cases of genuine emergency where immediate action is required to protect the Property, its contents, or the safety of guests, Bocobay is authorised to instruct works exceeding the $250 threshold without prior Owner approval. Bocobay will notify the Owner by email as soon as practicable following the instruction of emergency works. All costs associated with emergency works shall be charged to the Owner's account.

6.4 Third Party Maintenance Contracts The Owner may maintain a home maintenance contract with a third party for repairs to the Property, provided that all repair and maintenance visits are coordinated through Bocobay to avoid disruption to guest stays. The Owner shall provide Bocobay with details of any existing service contracts at onboarding and shall notify Bocobay in advance of any planned maintenance visits. All third party contractors attending the Property must be coordinated through Bocobay during any period when the Property is occupied or has confirmed upcoming reservations. The Owner shall notify Bocobay of any regularly scheduled maintenance programmes for the Property, including but not limited to pool and spa servicing, pest control and garden maintenance.

6.5 Maintenance Funding Bocobay will maintain a working record of maintenance expenditure against the Owner's account balance. Where maintenance costs cause the Owner's account to fall below the minimum balance threshold of $500, Bocobay will notify the Owner in accordance with the account balance provisions set out in Section 3. The Owner shall fund their account promptly to ensure Bocobay can continue to meet maintenance obligations on their behalf without interruption.

6.6 Consequences of Owner Inaction Where Bocobay has notified the Owner of a required repair or maintenance item and the Owner has failed to authorise or arrange the necessary works within a reasonable period, Bocobay reserves the right to arrange the works and charge the cost to the Owner's account where the condition poses a risk to guest safety, property integrity or Bocobay's ability to fulfil confirmed reservations. Where Owner inaction results in guest complaints, negative reviews, refunds or relocation costs, such costs shall be recoverable from the Owner. Where an Owner persistently fails to address maintenance notifications, Bocobay reserves the right to suspend or terminate this Agreement on written notice.

6.7 Annual Deep Clean The Owner is responsible for arranging and funding an annual deep clean of the Property - including carpets, upholstery and windows. Bocobay will notify the Owner when the annual deep clean is due. Where the Owner fails to arrange the deep clean within 30 days of notification, Bocobay may arrange it and charge the cost to the Owner's account.

7. DAMAGE TO PROPERTY

7.1 Guest Damage In the rental process, Bocobay will use reasonable endeavours to identify and document damage caused by guests. Where damage is identified, Bocobay will communicate damage charges to the guest within 14 business days of checkout and will pursue recovery through the relevant booking platform's resolution process where available. Bocobay will keep the Owner informed of the status of any damage claim.

7.2 Unrecovered Damage Where damage costs cannot be recovered from the guest or through the booking platform's resolution process, Bocobay will notify the Owner. The Owner acknowledges that Bocobay does not guarantee the recovery of damage costs from guests and that unrecovered damage costs are the Owner's responsibility. Bocobay's liability in respect of guest damage is limited to taking reasonable steps to report and pursue claims on the Owner's behalf.

7.3 Bocobay's Liability Exclusions Bocobay shall not be liable for any loss, theft or damage to the Owner's property or contents during guest stays, between guest stays, during cleaning or at any other time. This includes but is not limited to damage to furniture, fixtures, fittings, appliances, artwork, personal items or any other contents of the Property. The Owner is responsible for ensuring the Property and its contents are adequately insured as set out in Section 4.

7.4 High-Value and Sentimental Items The Owner is strongly advised to remove all high-value, irreplaceable or sentimental items from the Property prior to commencement of this Agreement and prior to each guest stay. Bocobay accepts no responsibility for and shall not be liable for the loss, theft or damage of any such items left in the Property. The Owner acknowledges that Bocobay's cleaning contractors may dispose of perishable food items, open consumables and items that appear to have been left behind by guests.

7.5 Break-ins and Theft Bocobay shall not be responsible for any break-ins, theft or unauthorised access to the Property during or between guest stays. The Owner is responsible for ensuring the Property has adequate security measures in place and is appropriately insured against theft and malicious damage. Where a break-in or theft occurs, Bocobay will notify the Owner promptly and will assist with reporting to the relevant authorities where requested, but shall bear no financial liability in connection with such events.

7.6 Inventory Bocobay does not manage or take responsibility for the Owner's household inventory. Bocobay does not conduct formal inventory checks on behalf of the Owner. The Owner is responsible for maintaining their own inventory records and for identifying any missing or damaged items. Where the Owner wishes to maintain a formal inventory, this may be arranged independently and any inventory records should be provided to Bocobay for reference.

7.7 Cleaning Contractors Bocobay's appointed cleaning contractors will make reasonable efforts to identify visible damage during turnover cleans and will report findings to Bocobay. However, Bocobay does not guarantee that all damage will be identified or reported during a standard turnover clean. The Owner acknowledges that cleaning contractors are not responsible for conducting formal property inspections.

7.8 Owner Indemnity The Owner shall indemnify and hold harmless Bocobay, any direct or indirect parent company, subsidiary or affiliated entity of Bocobay (wherever incorporated), and their respective directors, officers, employees and agents (together, the "Bocobay Parties") against any liability, loss, damage, cost or expense - including reasonable legal fees - arising from or in connection with: (a) the condition, safety, security or fitness for purpose of the Property; (b) any misrepresentation made by the Owner regarding the Property, its features, availability or legal status; (c) the Owner's failure to obtain or maintain any licence, permit or regulatory approval required for the lawful short-term rental of the Property; (d) the Owner's failure to comply with any applicable tax, reporting or remittance obligation; (e) any claim by a tax authority, regulatory body or third party arising from the Owner's acts or omissions; or (f) any intellectual property infringement arising from content, images or materials provided by the Owner to Bocobay for use in listings or marketing.

The above indemnity shall not apply to the extent that any such liability, loss, damage, cost or expense arises directly from the gross negligence or wilful misconduct of the relevant Bocobay Party seeking to rely on it. Bocobay shall notify the Owner promptly upon becoming aware of any claim to which this indemnity may apply, and the Owner shall have the right to participate in the defence of any such claim at its own cost, provided that no Bocobay Party shall settle any such claim without the Owner's prior written consent, such consent not to be unreasonably withheld or delayed.

8. TERM AND TERMINATION

8.1 Term This Agreement commences on the start date set out in the Property Management Agreement and continues for an initial period of 6 months (the "Initial Term"). Following the expiry of the Initial Term, this Agreement will automatically renew for successive periods of 12 months (each a "Renewal Period") unless terminated in accordance with this section.

8.2 Notice of Termination Either party may terminate this Agreement at the end of the Initial Term or at the end of any Renewal Period by serving written notice on the other party. Notice must be served no earlier than 60 days and no later than 30 days before the expiry of the relevant period. Where valid notice is served within this window, the Agreement will terminate at the end of the relevant period with no early exit fee payable. Where no notice is served by either party within the notice window, the Agreement will automatically renew for a further 12-month Renewal Period.

8.3 Early Exit - Initial Term Where the Owner terminates this Agreement during the Initial Term, Bocobay reserves the right to recover the reasonable costs incurred in onboarding the Property, including but not limited to photography, linen procurement and platform setup. Any such costs will be deducted from the Owner's account or invoiced on exit.

8.4 Early Exit - Renewal Period Where the Owner exits this Agreement during a Renewal Period without serving notice within the required notice window, no early exit fee is payable. However, Bocobay's management fee shall continue to apply to all confirmed guest bookings in the calendar at the date of termination notice until those bookings are fulfilled. Bocobay shall not bill for bookings that do not exist at the date of termination notice.

8.5 Post-Termination Bookings Any confirmed guest bookings that fall outside the end date of this Agreement - whether arising from a mid-period exit or from bookings taken after notice of termination has been served - shall be managed by Bocobay at the standard management fee. The Owner shall honour all such bookings and shall not request their cancellation.

8.6 Minimum Availability Review Where the Property has been made available for fewer than 183 days in any 12-month period, Bocobay reserves the right to review the terms of this Agreement or terminate on written notice, as set out in the Minimum Availability clause above.

8.7 Termination for Breach Either party may terminate this Agreement with immediate effect on written notice where the other party has committed a material breach of this Agreement and, where the breach is capable of remedy, has failed to remedy it within 14 days of receiving written notice specifying the breach and requiring its remedy. Where Bocobay terminates for Owner breach, all outstanding fees and post-termination booking fees shall remain payable by the Owner.

8.8 Termination for Insolvency Bocobay may terminate this Agreement with immediate effect on written notice if the Owner becomes insolvent, bankrupt, enters into any arrangement with creditors, or is otherwise unable to meet their financial obligations.

8.9 Consequences of Termination On termination of this Agreement for any reason: the Owner shall honour all confirmed guest bookings existing at the date of termination, whether or not those bookings fall within or outside the term of this Agreement; Bocobay shall retain its management fee on all bookings fulfilled after the termination date at the applicable rate; all outstanding fees, expenses and charges on the Owner's account shall become immediately payable; all equipment, linen and personal property belonging to Bocobay shall be removed from the Property within a reasonable period following termination; and all photographs, listings and marketing materials created by Bocobay in connection with the Property shall remain the intellectual property of Bocobay and may be retained following termination.

8.10 T&C Updates Bocobay may update these Terms & Conditions by providing 30 days' prior written notice to the Owner. Where any proposed update materially alters the Owner's rights or obligations - including but not limited to changes to fees, commission rates or liability provisions - the Owner shall have the right to terminate this Agreement without penalty within the notice period by providing written notice to Bocobay. Where no such termination notice is received, continued use of Bocobay's services after the expiry of the notice period shall constitute the Owner's acceptance of the updated terms. Non-material updates, including administrative, formatting or regulatory clarifications, shall take effect on the date specified in the notice without requiring further consent.

8.11 Assignment This Agreement may not be assigned by the Owner without Bocobay's prior written consent. Bocobay may assign this Agreement to a third party, including in connection with a sale, merger or transfer of all or part of Bocobay's business, provided Bocobay gives the Owner written notice of such assignment. Where the Owner objects to an assignment on reasonable grounds, they may terminate this Agreement penalty-free within 30 days of receiving notice of the assignment.

9. MISCELLANEOUS

9.1 Entire Agreement This Agreement, comprising the Property Management Agreement and these Terms & Conditions, constitutes the entire agreement between the Owner and Bocobay in respect of the local property management of the Property and supersedes all prior agreements, representations and understandings between the parties relating to the same subject matter.

9.2 Independent Contractor Nothing contained in this Agreement shall be construed to create a partnership, joint venture or employment relationship between the parties. It is the express intention of the parties that Bocobay shall act as an independent contractor to the Owner and that the Owner shall have no right to control or direct the details of Bocobay's business operations or activities.

9.3 Non-Discrimination The Owner agrees that the Property shall be made available to all guests without regard to race, colour, religion, national origin, sex, disability, familial status or any other characteristic protected by applicable law.

9.4 Comparable Properties The Owner acknowledges that Bocobay may act as manager for other owners with similar or comparable properties in the same market. Bocobay's obligations under this Agreement are owed solely to the Owner in respect of the Property and nothing in this Agreement restricts Bocobay's ability to manage other properties.

9.5 No Legal Practice Bocobay is not authorised to practise law. Where legal assistance is required - including in connection with guest disputes, evictions or debt collection - the Owner shall be responsible for engaging and funding appropriate legal counsel. Bocobay will cooperate reasonably with the Owner's legal counsel where required.

9.6 Attorney Fees The prevailing party in any action arising from a dispute under this Agreement shall be entitled to seek and recover reasonable attorney fees and costs from the other party.

9.7 Confidentiality Each party agrees to keep the terms of this Agreement confidential and shall not disclose the commercial terms of this Agreement to any third party without the prior written consent of the other party, except where disclosure is required by law, by order of a court of competent jurisdiction, or to that party's professional advisors on a confidential basis. This obligation shall survive the termination of this Agreement.

9.8 Dispute Resolution In the event of a dispute arising between the parties in connection with this Agreement, the parties shall first attempt to resolve the dispute by good faith negotiation. Either party may initiate this process by serving written notice on the other party setting out the nature of the dispute. Where the dispute cannot be resolved by negotiation within 30 days of such notice, either party may refer the matter to mediation or commence legal proceedings. Nothing in this clause prevents either party from seeking urgent injunctive or other interim relief from a court of competent jurisdiction.

9.9 Governing Law This Agreement shall be governed by and construed in accordance with the laws of the territory identified in the Property Management Agreement. The courts of that territory shall have exclusive jurisdiction to settle any dispute arising from or in connection with this Agreement.

9.10 Severability If any provision of this Agreement is found by a court of competent jurisdiction to be invalid, illegal or unenforceable, that provision shall be severed from the Agreement and the remaining provisions shall continue in full force and effect.

9.11 Waiver No failure or delay by either party in exercising any right under this Agreement shall constitute a waiver of that right. A waiver of any breach of this Agreement shall not be construed as a waiver of any subsequent breach.

9.12 Force Majeure Neither party shall be liable for any failure or delay in performing their obligations under this Agreement where such failure or delay results from circumstances beyond their reasonable control, including but not limited to natural disasters, acts of government, civil unrest, pandemic, power failure or other events outside the affected party's control. The affected party shall notify the other party as soon as practicable and shall use reasonable endeavours to resume performance as soon as possible.

9.13 Data and Privacy Bocobay processes personal data relating to the Owner, the Owner's guests and the Property in connection with the delivery of property management services under this Agreement. Such data is processed in accordance with applicable data protection laws in the relevant territory. Bocobay maintains appropriate technical and organisational measures to protect personal data processed in connection with this Agreement. The Owner acknowledges that guest reservation and payment data is processed by Bocobay as part of the managed service and consents to such processing for the purposes of fulfilling this Agreement. Further details of Bocobay's data processing practices are set out in the Bocobay Privacy Policy available at bocobay.com/privacy.