Managing Partner Contract Template for Australia

The Managing Partner Contract serves as the foundational document governing the appointment and ongoing relationship between a partnership and its Managing Partner in Australia. This document is essential when appointing a new Managing Partner or formalizing the terms for an existing one, typically used in professional services firms, consulting practices, and other partnership-based business structures. It encompasses crucial elements such as management authority, profit sharing arrangements, partner obligations, and governance structures, all aligned with Australian partnership law and regulatory requirements. The contract addresses both the partner's role as an equity holder and their executive responsibilities in managing the partnership's operations, ensuring clear delineation of powers, duties, and accountability mechanisms.

1. Parties: Identification of the partnership entity and the appointed Managing Partner

2. Background: Context of the appointment and partnership structure

3. Definitions and Interpretation: Key terms and interpretation principles used throughout the agreement

4. Appointment and Term: Terms of appointment as Managing Partner, duration, and renewal provisions

5. Duties and Responsibilities: Comprehensive outline of Managing Partner's roles, authorities, and obligations

6. Management Authority: Scope of decision-making powers and limitations

7. Performance of Duties: Standards of performance, time commitment, and professional conduct requirements

8. Remuneration and Profit Share: Base compensation, profit sharing arrangement, and benefits

9. Capital Contribution: Required capital investment and terms of contribution

10. Partnership Meetings: Procedures for partner meetings and voting rights

11. Financial Management: Financial responsibilities and reporting obligations

12. Confidentiality: Protection of partnership and client confidential information

13. Intellectual Property: Ownership and protection of partnership IP

14. Termination: Grounds and procedures for ending the Managing Partner appointment

15. Post-Termination Obligations: Ongoing duties and restrictions after termination

16. Dispute Resolution: Process for resolving disputes between parties

17. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments