Is there a limit on the term of a building management contract and at what point can we terminate it?

The Strata Titles Act 1985 as amended 2020 provides the following provision:

Section 115. Power to terminate certain contracts for amenities or services

1. There is implied in every contract to which this section applies a provision that the strata company may terminate the contract, by written notice to every other party to the contract, after 5 years have passed since the contract was made.
2. No cause of action against any person arises from the exercise of the power referred to in subsection (1).
3. A contract or any other agreement or arrangement must not exclude the operation of subsection (1) and to the extent that it purports to do so it is of no effect.
4. This section applies to a contract if — 
   1. it relates to the provision of amenities or services to the strata company or the owners of lots; and
   2. it is made after the commencement of section 41 of the Strata Titles Amendment Act 1995; and
   3. it was made before registration of the strata titles scheme or when any owner held 50% or more of the unit entitlement of the lots.
5. The Tribunal may, on the application of a person made in respect of a contract, by order extend the period of 5 years provided for by subsection (1), so far as it applies to that contract, if satisfied that the contract — 
   1. is fair to all owners of lots in the strata titles scheme; and
   2. will remain fair to all those owners during the extended period.
6. An extended period under subsection (5) is not to exceed the term specified in the contract or a period of 10 years from the time when the contract was made, whichever is the lesser.

Under the above section of the Strata Titles Act, if the contract was made after the commencement of Section 41 of the Strata Titles Amendment Act 1995 (which we believe it was), and was made before registration of the strata titles scheme (which we assume it was), then the strata company may terminate the contract, by written notice to every other party to the contract, after 5 years have passed since the contract was made (which we assume is the case).

We recommend the council address their issues with the building manager of the complex directly seeking new negotiations in relation to the contract entered 15 years ago to ensure that it satisfies the requirements of the strata scheme at competitive costing; if no agreement in amending the contract can be reached, written notice may be given to terminate the contract under Section 115 of the Strata Titles Act 1985 as amended 2020.

This advice does not constitute legal advice, and we recommend the Strata Company seek legal advice considering all circumstances.