Tenant late fees go to owner or manager?

[Eric Hathway]

I was informed today by my property manager that he keeps all the late payments when tenants pay rent late. Is that the norm or should I contest this? 

I know it could probably go either way and depends on what is in the management contract, but am I getting hosed or is this standard?

[Amber Gonion]

I agree it goes by the contract, but I haven't heard of a contract with late fees going to the manager. Why would a contract be structured to reward a PM for having late payments and the owner not getting his money on time?