The following list summarizes the key updates CIC has made to its Service Agreement. Please contact your Relationship Manager if you have specific questions about any of the points below.
Outline of Updates
- We removed the late fee provisions in their entirety [previously found in Section 6]. Since CIC historically hasn’t enforced late fees and laws pertaining to them vary by country, we removed them for simplicity.
- We clarified billing and payment procedures if you operate in more than one CIC location (payment should be made in the currency you are billed in and to the entity outlined on each invoice). [Section 6]
- We clarified the Acceptable Ethics, Integrity and Conduct clause to give CIC and our clients more protection as it pertains to threats of violence. [Section 12]
- We updated the Choice of Law clause to function globally based on which CIC location(s) you operate in. [Section 29]
- We updated the data collection clause. Of course, no personally identifiable data will be published without Client’s prior written consent. [Section 31]
- We updated our Overview of Offerings to reflect our most up to date offerings by site, including things like CIC Passport, nursing rooms, and other client benefits that weren’t specifically mentioned previously. [Exhibit A]
- The arbitration and covered disputes clauses, insurance requirements, and accepted payment methods have been relocated to Exhibit A by location. The terms themselves have not changed.
- We made other minor changes to the wording of some things to make them globally applicable (e.g. replaced the term “office” with “workspace” throughout the agreement due to our expanding range of offerings; references to USPS and location-specific mail delivery processes have been made more general; etc.)
Additional Changes Specific to Missouri
- For CIC@CET only, we introduced the Agent/Licensor format with CIC Innovation Communities, LLC acting as the Agent for the existing Licensor CIC Forest Park, LLC. All payments related to CIC@CET should still be made out directly to “CET” just as they are today.
- For CIC@CET only, some clauses that were previously in the main body of the agreement that were unique to CET were relocated to the Additional Agreement Provisions in the CIC@CET section of Exhibit A.
- We clarified that the service agreement is subordinate to management agreements in addition to leases/mortgages/deeds to address facilities where CIC plays a manager-only role. Currently, this pertains only to CIC@CET. [Section 23]
- We clarified that the arbitration provisions are binding under Missouri state law. [Following Section 35]
- The Exhibits were re-ordered to align with all other CIC sites.