A Management Agreement is a legal document that allows one company to manage and fulfill the full operations of another business, for a set amount of time, agreed by both parties. Usually, the owner of a business will sign such agreements directly with a management company. In return, the management company receives a compensation package, as agreed upon in the Management Agreement. Such agreements are often concentrated on carrying out specific tasks, not so much on the end result.
There are many things to consider when forming a contract, which is why we recommend downloading a ready-made Management Agreement template through the link below.
The main advantage of signing a Management Agreement is that it gives owners more time to think about and work on expanding a business, rather than spending time on everyday issues associated with running a business, making the business run more efficiently. It also gives owners the opportunity to hire an expert manager within the management company - which will bring a vast amount of experience and knowledge.
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