The Management Agreement is essential for businesses in Nigeria seeking to delegate operational control to professional managers or management companies while maintaining ownership rights. This document is particularly relevant when companies require specialized expertise, are undergoing restructuring, or implementing professional management systems. The agreement, governed by Nigerian law including the Companies and Allied Matters Act (CAMA) 2020, typically outlines comprehensive management responsibilities, performance standards, fee structures, and reporting requirements. It's commonly used in various scenarios including business expansion, succession planning, or when bringing in professional management expertise. The document must comply with Nigerian corporate law, labor regulations, and industry-specific requirements while addressing local business practices and cultural considerations.
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1. Parties: Identification of the parties entering into the agreement - typically the company owner/board and the management company/manager
2. Background: Context of the agreement, including brief description of the business and purpose of the management arrangement
3. Definitions: Detailed definitions of key terms used throughout the agreement
4. Appointment and Scope: Terms of appointment and detailed scope of management services to be provided
5. Duration and Term: Period of the agreement, including commencement date and any renewal provisions
6. Management Services: Comprehensive list and description of services to be provided by the management team
7. Manager's Rights and Obligations: Detailed responsibilities and authority of the manager
8. Company's Rights and Obligations: Responsibilities and obligations of the company, including provision of information and resources
9. Fees and Payment Terms: Management fees, payment schedule, expenses, and other financial terms
10. Performance Standards: Expected performance levels and quality standards for management services
11. Reporting Requirements: Regular reporting obligations and communication protocols
12. Confidentiality: Protection of confidential information and trade secrets
13. Intellectual Property: Ownership and usage rights of intellectual property
14. Termination: Grounds and procedures for termination of the agreement
15. Post-Termination Obligations: Obligations and procedures following termination
16. Dispute Resolution: Procedures for resolving disputes, including arbitration provisions
17. Governing Law: Specification of Nigerian law as governing law and jurisdiction
18. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Non-Compete and Non-Solicitation: Restrictions on competition and employee solicitation, used when protecting business interests is crucial
2. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in volatile markets
3. Insurance: Insurance requirements and obligations, important for high-risk industries
4. Environmental Compliance: Environmental obligations and compliance requirements, necessary for industries with environmental impact
5. Local Content Requirements: Provisions ensuring compliance with Nigerian local content laws, relevant for certain industries
6. Foreign Exchange Provisions: Specific provisions for handling foreign currency transactions, needed when parties are from different countries
7. Technology Transfer: Provisions regarding transfer of technology and know-how, relevant for technical management agreements
8. Succession Planning: Provisions for training and development of local staff, important for knowledge transfer
9. Corporate Social Responsibility: CSR obligations and community engagement requirements, relevant for certain industries or locations
1. Schedule 1 - Scope of Services: Detailed breakdown of management services to be provided
2. Schedule 2 - Fee Structure: Detailed breakdown of management fees, performance bonuses, and payment terms
3. Schedule 3 - Key Performance Indicators: Specific performance metrics and evaluation criteria
4. Schedule 4 - Reporting Templates: Standard formats for required reports and communications
5. Schedule 5 - Key Personnel: List of key management personnel and their roles
6. Schedule 6 - Company Assets: Inventory of assets under management
7. Schedule 7 - Operating Procedures: Standard operating procedures and management protocols
8. Appendix A - Power of Attorney: If required, specific powers granted to management team
9. Appendix B - Insurance Requirements: Detailed insurance coverage requirements and terms
10. Appendix C - Compliance Checklist: List of regulatory requirements and compliance obligations
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