Document background
The Real Estate Development Joint Venture Term Sheet is a crucial preliminary document used in Australian property development projects when two or more parties intend to collaborate on a development venture. It serves as a foundation document that captures the essential commercial terms agreed between the parties before proceeding to detailed legal documentation. The term sheet typically precedes the formal joint venture agreement and is used during the initial negotiation phase to ensure all parties are aligned on key aspects such as capital contributions, profit sharing, management rights, and development responsibilities. While primarily non-binding (except for specific provisions like confidentiality and exclusivity), it provides a clear framework for lawyers to draft the full suite of transaction documents and helps identify potential issues early in the negotiation process. The document must comply with Australian corporate law, property law, and foreign investment regulations where applicable.
