Forward Funding Agreements are essential instruments in UAE real estate development, particularly for large-scale commercial and residential projects where developers seek upfront funding. These agreements are commonly used when a developer has identified a development opportunity but requires substantial funding to execute the project. The Forward Funding Agreement establishes the entire framework for the development funding, including land acquisition, construction costs, and development obligations, while ensuring compliance with UAE federal laws and emirate-specific regulations. The document addresses key aspects such as payment mechanisms, construction monitoring, risk allocation, and completion requirements, making it particularly relevant for projects requiring significant capital investment and long-term development timelines.
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1. Parties: Identification of the Funder and Developer/Seller, including full legal names and registration details
2. Background: Context of the development project, property details, and purpose of the agreement
3. Definitions and Interpretation: Detailed definitions of key terms and interpretation rules
4. Conditions Precedent: Prerequisites to be satisfied before the agreement becomes fully effective
5. Property Acquisition: Terms for the acquisition of the development site
6. Development Obligations: Developer's obligations regarding construction, timing, and quality standards
7. Funding Obligations: Funder's commitments, including payment schedule and funding conditions
8. Payment Mechanics: Detailed procedures for drawdown requests, payments, and funding transfers
9. Construction Monitoring: Rights of the funder to monitor construction progress and quality
10. Variations and Changes: Procedures for handling changes to development specifications or costs
11. Insurance Requirements: Required insurance coverage and related obligations
12. Default and Remedies: Events of default and corresponding remedies
13. Completion Requirements: Conditions and procedures for practical and legal completion
14. Representations and Warranties: Standard and specific warranties from both parties
15. Boilerplate Provisions: Standard legal provisions including notices, governing law, etc.
1. Pre-letting Requirements: Used when the development requires minimum pre-letting before completion
2. Environmental Provisions: Required for developments with significant environmental considerations
3. Public Authority Requirements: Needed when development requires specific government approvals
4. Social Impact Obligations: For projects requiring community benefits or social housing
5. Islamic Finance Provisions: Required when using Sharia-compliant funding structures
6. Joint Venture Provisions: When the developer is a joint venture entity
7. Step-in Rights: Required for high-value developments where funder may need to take control
8. Foreign Investment Provisions: Required when involving foreign investors or developers
1. Property Description: Detailed legal and technical description of the development site
2. Development Specification: Detailed construction and development specifications
3. Project Program: Construction timeline and key milestone dates
4. Cost Schedule: Breakdown of development costs and funding requirements
5. Form of Drawdown Notice: Template for funding drawdown requests
6. Professional Team: Details of architects, contractors, and other key professionals
7. Form of Collateral Warranties: Standard forms for contractor and consultant warranties
8. Testing and Commissioning Requirements: Detailed completion testing requirements
9. Payment Schedule: Detailed breakdown of payment tranches and triggers
10. Form of Progress Reports: Template for construction progress reporting
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Commercial Property
Residential Property
Infrastructure
Retail Development
Industrial Development
Hospitality
Mixed-use Development
Banking and Finance
Investment
Relevant Teams
Legal
Real Estate
Development
Finance
Investment
Construction
Compliance
Risk Management
Project Management
Asset Management
Relevant Roles
Real Estate Director
Development Manager
Finance Director
Legal Counsel
Project Manager
Investment Manager
Construction Manager
Chief Financial Officer
Property Director
Compliance Officer
Risk Manager
Development Director
Fund Manager
Asset Manager
Commercial Director
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