A contract consists of a legally binding agreement or promise between parties. Here is a Membermanaged Operating Agreement template available in 3 formats.This can be used for a Single-Member LLC or a Multi-Member LLC. SPECIFIC. Agreements should include WHY, WHO, WHERE, WHEN, and HOW. • WHO: Titles used for the parties should be consistent. Think of it as a detailed conversation in writing where you lay out exactly what each person or business will do, when, and how. This is a Legally Binding Contract; If Not Understood, Seek Competent Legal Advice.