Management agreements refer to contracts signed between individuals or corporations whereby one party offers its managerial services to another, that is, it offers to oversee all or some parts of operations and coordinate these operations on behalf of the company. There are many companies which offer a wide range of management services in exchange for a fee or rent to be paid either monthly or as a lump sum amount.
The different types of services offered in a management contact may be maintaining the property or offices and its various operations, taking care of repairs and conducting physical inspections, filing of tax reports and doing other paperwork, management of other employees and supervising their performance, collection of rent and maintenance of utilities, filing reports on the business operations, condition of the property, industry trends, market rates, revenue and expenses and so on. The agreement allots the responsibility to an individual or a company which supervises the certain organisational activities for a specific time period.
[Also Read: Operational Services Agreement]
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