What is a development agreement
Development agreements are the kinds of agreements wherein the involved parties reach a mutual understanding through the various points mentioned in the written document. Such agreements are made between those parties, out of which one is the developer and the other party is one who agrees to get a particular development done by taking the services of the developer. The few examples of such agreements are real estate development agreement, Property development agreement etc…
Any development agreement is very important for the involved parties as it gives them assurance of the fact that no matter what the other party will abide by the terms of the agreement without violation of the points mentioned. Infact in the case of fault or violation, the other party can take legal actions and hence get compensation if required. Development agreements are also important for the third party who is responsible for solving or resolving dispute if caused in the future. The agreements act as a proof that a certain condition was signed in full awareness.
Any development agreement is also very important as it helps the parties to trust each other and hence develop a strong relationship which is necessary for smooth functioning of the development project. Without having a development agreement, there remains a degree of doubt in the minds of the parties even if there is nothing to worry about. But if a legal development agreement is framed, the parties can be carefree of their dealings and confusion in the future can be avoided completely.
The importance of development increases due to the fact that these agreements are time bound and are legal for any a certain duration of time. This time frame assures the parties that the development must not be terminated before the due date or cannot be carried forward after it.
Category: Sample Agreements