Delaware Management Agreement between a Trust and a Corporation

• Category: Corporations - Public - Restructuring
• State: Multi-State
• Control #: US-C-7-628
• Format: Word; Rich Text

Description

This form is a Management Agreement. Advisers for a common law trust agree to retain the services of a manager for the trust in order to procure advisement and portfolio management services for each series of shares listed on the schedule attached to the document. Delaware Management Agreement between a Trust and a Corporation: A Delaware Management Agreement between a Trust and a Corporation refers to a legally binding document that outlines the terms and conditions governing the relationship between a trust and a corporation in Delaware. This agreement is crucial in clarifying the roles, responsibilities, and rights of both parties involved in managing trust assets. The principal purpose of a Delaware Management Agreement is to establish the framework for the management of the trust property by the corporation. It defines the scope of authority granted to the corporation in handling the trust's assets and outlines specific tasks, obligations, and restrictions. This agreement ensures that the corporation acts in the best interest of the trust and its beneficiaries, while also protecting the corporation from undue liability. Several key provisions typically included in a Delaware Management Agreement are as follows: 1. Parties involved: The agreement clearly identifies the trust and the corporation, stating their legal names and addresses for proper identification and record keeping purposes. 2. Purpose: It outlines the specific objectives, goals, and purposes of the management agreement, ensuring clarity and alignment of interests between the trust and the corporation. 3. Assets under Management: This section details the assets under the purview of the corporation, specifying their nature, location, and any limitations or restrictions. 4. Duties and Responsibilities: It delineates the specific obligations, roles, and responsibilities of the corporation in managing the trust's assets, including investment management, risk assessment, reporting, and administration duties. 5. Compensation: The agreement sets forth the compensation structure for the corporation's services, including fees, reimbursable expenses, and any potential performance-based incentives. 6. Termination and Duration: This part specifies the circumstances and procedures for termination of the agreement — either by mutual consent, expiration of a specified time period, or due to specific events triggering termination. 7. Governing Law and Jurisdiction: The agreement stipulates that it is governed by Delaware law and identifies the jurisdiction and courts that will have the authority to resolve any disputes arising from the agreement. Different types of Delaware Management Agreements between a trust and a corporation may vary based on the specific nature and goals of the trust, as well as the desired level of involvement and control delegated to the corporation. Some common variations include: 1. Comprehensive Management Agreement: This type of agreement encompasses all aspects of trust management, including investment management, regular reporting, and administration duties. 2. Limited Scope Management Agreement: In this agreement, the corporation may be contracted to perform only specific management functions, such as investment management or advisory services. 3. Fiduciary Management Agreement: A fiduciary management agreement places a significant emphasis on the corporation's fiduciary duties, requiring them to act solely in the best interest of the trust and its beneficiaries. 4. Sub-Advisory Agreement: This form of agreement allows the corporation to delegate certain managerial functions to a sub-advisory firm or specialized professionals, while maintaining overall responsibility and accountability. In sum, a Delaware Management Agreement between a Trust and a Corporation is a key legal instrument used to establish and define the relationship between a trust and a corporation in Delaware, ensuring efficient management of trust assets while safeguarding the interests of all parties involved.

Delaware Management Agreement between a Trust and a Corporation: A Delaware Management Agreement between a Trust and a Corporation refers to a legally binding document that outlines the terms and conditions governing the relationship between a trust and a corporation in Delaware. This agreement is crucial in clarifying the roles, responsibilities, and rights of both parties involved in managing trust assets. The principal purpose of a Delaware Management Agreement is to establish the framework for the management of the trust property by the corporation. It defines the scope of authority granted to the corporation in handling the trust's assets and outlines specific tasks, obligations, and restrictions. This agreement ensures that the corporation acts in the best interest of the trust and its beneficiaries, while also protecting the corporation from undue liability. Several key provisions typically included in a Delaware Management Agreement are as follows: 1. Parties involved: The agreement clearly identifies the trust and the corporation, stating their legal names and addresses for proper identification and record keeping purposes. 2. Purpose: It outlines the specific objectives, goals, and purposes of the management agreement, ensuring clarity and alignment of interests between the trust and the corporation. 3. Assets under Management: This section details the assets under the purview of the corporation, specifying their nature, location, and any limitations or restrictions. 4. Duties and Responsibilities: It delineates the specific obligations, roles, and responsibilities of the corporation in managing the trust's assets, including investment management, risk assessment, reporting, and administration duties. 5. Compensation: The agreement sets forth the compensation structure for the corporation's services, including fees, reimbursable expenses, and any potential performance-based incentives. 6. Termination and Duration: This part specifies the circumstances and procedures for termination of the agreement — either by mutual consent, expiration of a specified time period, or due to specific events triggering termination. 7. Governing Law and Jurisdiction: The agreement stipulates that it is governed by Delaware law and identifies the jurisdiction and courts that will have the authority to resolve any disputes arising from the agreement. Different types of Delaware Management Agreements between a trust and a corporation may vary based on the specific nature and goals of the trust, as well as the desired level of involvement and control delegated to the corporation. Some common variations include: 1. Comprehensive Management Agreement: This type of agreement encompasses all aspects of trust management, including investment management, regular reporting, and administration duties. 2. Limited Scope Management Agreement: In this agreement, the corporation may be contracted to perform only specific management functions, such as investment management or advisory services. 3. Fiduciary Management Agreement: A fiduciary management agreement places a significant emphasis on the corporation's fiduciary duties, requiring them to act solely in the best interest of the trust and its beneficiaries. 4. Sub-Advisory Agreement: This form of agreement allows the corporation to delegate certain managerial functions to a sub-advisory firm or specialized professionals, while maintaining overall responsibility and accountability. In sum, a Delaware Management Agreement between a Trust and a Corporation is a key legal instrument used to establish and define the relationship between a trust and a corporation in Delaware, ensuring efficient management of trust assets while safeguarding the interests of all parties involved.