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1. Conditions of the agreement: this clause is the most important because it should clearly identify (i) the parties, (ii) the functions transferred to the management company, (iii) the responsibilities of each party and (iv) how each party influences the operational functions of the agreement.
A management agreement should typically include details such as the scope of services to be provided, the responsibilities of each party, compensation and payment terms, termination and renewal provisions, confidentiality obligations, dispute resolution mechanisms, and any other relevant terms specific to the business ...
Business owners often sign these written agreements directly with the management company. This typically gives the management company operational control for an established period of time, usually for two to five years.