Development agreements are those kinds of agreements where the involved parties sign a pact or a document which makes them reach a mutual level of understanding of the various terms and conditions that are mentioned in it. Such agreements define the respective rights and duties which are expected to be fulfilled by the parties in order to avoid any legal implications.
The kind of developments reached by the parties can be of various types which are detailed as follows:
- Real estate development agreements involve development related to land improvement, construction of land or buildings etc…
- In technological development agreements, the development is associated with new product development, software development or working and improving upon various methods and techniques.
- Business and Corporate development agreements are ones where development of business or business terms is the main focus.
Any development agreement is the signed between the developer and the one who pays for the developments. These agreements consist of the following:
- Name and address of the involved parties, date of signing, amount to be paid etc…
- The various terms and conditions are to be given in bulleted or numbered form.
- At the end of the agreement, it is really important to have the document signed by the parties in presence of a witness.
Category: Development Agreements