Agency  The owner holds all individual construction contracts, and the CM functions as the construction contract administrator, acting on behalf of the owner and rendering an account of activities.
The CM is basically a construction contract administrator.
My suburb, Pelham, is Westchester's alleged literary-media colony, but I have never been to a single social event here where a hothouse conversation about the Industry could be sustained for more than about half an hour before it slowly flutters back to home  the town and the kids.