A Management Contract is an agreement under which operational control of an enterprise or a business is outsourced to a third party to perform the necessary managerial functions for a fee. In business valuation analysis, a Management Contract qualifies as an intangible asset which can be recognised, reliably measured, and guarantees economic returns to the contracted party during the terms of the agreement. As intangible assets, Management Contracts belong to a class of assets without physical form yet possess intrinsic value to the owners. To value and estimate the fair market value of a management contract, business valuation analysts apply techniques under the income, market and asset methods, a situation made possible by the fact that a management contract can be recognised, separated, and the associated economic benefits reliably measured.