What defines the terms between a management provider and a client?

A management contract is the document that defines the terms between a management provider and a client. This legally binding agreement outlines the roles, responsibilities, and expectations of both parties involved in the management of the property. It includes important details such as the scope of services, fees, duration of the agreement, and termination clauses.

By clearly laying out these parameters, the management contract ensures that both the management provider and the client have a mutual understanding of their obligations and can work towards common goals effectively. It serves as a framework to hold both parties accountable, thereby minimizing misunderstandings or disputes that may arise during the course of their working relationship.

While other documents, such as engagement letters and service level agreements, may play supplementary roles in detailing specific aspects of the relationship, it is the management contract that provides the comprehensive legal basis for the entire management arrangement.