Big Sky Co-op Asset and Recovery Protection Policy

This Asset and Recovery Protection Policy applies to all property owners, partners, and clients utilizing Big Sky Co-op's services, including property management, financing, and furnishing loans.

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1. Asset Ownership and Financing Terms

1.1 Definition of Assets

• Assets include all furnishings, equipment, decor, appliances, and technology provided or financed by Big Sky Co-op.
• All assets remain the property of Big Sky Co-op until fully paid off by the property owner.

1.2 Ownership Transfer

• Full Transfer: Ownership of assets is transferred to the property owner only upon full repayment of financing or loan terms.
• Partial Repayment: If financing is partially repaid, Big Sky Co-op maintains partial ownership rights proportional to the unpaid balance.

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2. Asset Loan Terms

2.1 Loan Agreement

• All asset loans are subject to the terms agreed upon at the time of onboarding.
• A clear inventory list will be provided, detailing all loaned items and their respective values.

2.2 Loan Default

In the event of non-payment or default:

• Immediate Recovery: Big Sky Co-op reserves the right to retrieve all assets within 7 days of default notification.
• Recovery Costs: The property owner will incur all costs related to retrieval, including labor, transportation, and administrative fees.
• Outstanding Balance: The full unpaid amount becomes immediately due, including interest or late fees.

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3. Asset Protection During Management

3.1 Damage Protection

• Property owners are responsible for ensuring that loaned assets are maintained in good condition.
• Damage Fees: Fees will be assessed for any damage beyond normal wear and tear, based on the asset's original value.

3.2 Loss or Theft

• In case of loss or theft of any assets:
  • Property owners must report the incident to Big Sky Co-op within 48 hours.
  • Property owners are liable for the full replacement cost of the missing assets.

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4. Recovery Procedures

4.1 Initiating Recovery

• Upon termination of services or loan default:
  1. Big Sky Co-op will provide a written recovery notice with a 7-day deadline for asset retrieval.
  2. A detailed inventory checklist will be included to document all items being recovered.

4.2 Access to Property

• Property owners must provide unrestricted access to the property for asset retrieval.
• Failure to provide access will result in a breach of agreement and may lead to legal action or additional fees.

4.3 Recovery Fees

• Fees incurred during asset recovery may include:
  • Labor Fees: For packing and transporting assets.
  • Logistics Fees: For transportation and storage.
  • Administrative Fees: For processing and coordinating recovery.

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5. Protection Against Non-Return of Assets

5.1 Legal Action for Non-Return

• If assets are not returned following termination or default:
  • Big Sky Co-op reserves the right to pursue legal action to recover the assets or their monetary equivalent.
  • Additional damages may be sought for breach of agreement and loss of business.

5.2 Security Deposits

• Big Sky Co-op may retain any security deposits to cover the costs of unreturned or damaged assets.
• Deposits will be refunded only after a full inventory review and confirmation of asset condition.

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6. Asset Recovery in High-Risk Scenarios

For high-risk properties or clients, stricter recovery terms apply:

• Immediate Recovery: Assets may be retrieved without prior notice if high-risk conditions are identified (e.g., fraud, abandonment).
• Increased Recovery Fees: Additional fees apply due to the complexity and urgency of the recovery process.

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7. Dispute Resolution

In case of disputes regarding asset recovery:

1. Mediation: Both parties agree to resolve disputes through mediation before legal action.
2. Legal Jurisdiction: Disputes will be governed by the laws of Montana.