The following Construction practice note provides comprehensive and up to date legal information covering:
As shown in the Development procurement structure—chart the relationship between the third parties with an interest in a construction project will be governed by various development documents. Not all of these documents will be needed for every project, but the following documents could be necessary depending on the parties involved and the project structure:
Agreement for lease—if a tenant has agreed to take a lease of the property once construction is completed an agreement for lease will usually be entered into. See Practice Note: Agreements for lease for construction lawyers
Forward Purchase Agreement—a commercial property developer may wish to sell the development as soon as it is completed. In this instance a forward purchase agreement could be used setting out how and when the property will be transferred. If the purchaser is also providing finance for the development a forward funding and purchase agreement (or development funding agreement) might be used
Facility Agreement—if a purchaser is not funding the development the developer is likely to enter into a facility agreement with a funder to finance the works
If a tenant has agreed to take a lease of the property after its construction or on completion of refurbishment works, the landlord (developer) and tenant will often enter into an agreement for lease before the lease itself is completed.
The agreement for lease will
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