Understanding Management Contracts: Purpose and Key Clauses for Effective Leadership

Description

This Skill Bit talks about a management contract, which is a legal agreement where a company (client) hires another company (manager) to oversee specific operational functions. The manager provides expertise and resources while the client retains ownership. This arrangement aims to improve efficiency, access specialized skills, and allow the client to focus on core competencies. A management contract is a legal agreement where a company outsources its management functions to a specialized firm. The contract outlines the services provided, compensation, performance expectations, and other terms governing the relationship between the client and the management company.

Duration approx. 6 Min.

Tier: basics