The stages of contract management can be broken down into pre-signature (creation, negotiation/collaboration, and review/approval) and post-signature (administration/execution, renewal/termination, and reporting/tracking).
A property manager becomes an authorized representative when the property owner & manager execute a legally binding property management agreement, a legal contract that details a manager's responsibilities and the owner's expectations regarding the property's managerial tasks.
A business management agreement formalizes the working relationship between a business and its manager. The contract will include information such as budgeting, the percentage of business revenue owed to the manager, and confidentiality requirements.