The Agreement For Development Of Property is a crucial document in Hong Kong's real estate sector, used when a property owner engages a developer to undertake construction or renovation work on their property. This agreement is essential for projects ranging from commercial developments to residential complexes, and must comply with Hong Kong's comprehensive regulatory framework, including the Buildings Ordinance, Town Planning Ordinance, and other relevant legislation. The document typically includes detailed provisions for development rights, construction specifications, timelines, payment structures, regulatory compliance, and risk allocation. It's particularly important in Hong Kong's dense urban environment where development projects often involve complex regulatory requirements and multiple stakeholders. The agreement serves as the primary contract governing the relationship between the property owner and developer, establishing clear parameters for project execution while protecting both parties' interests.
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1. Parties: Identification of the developer, property owner, and any other key parties to the agreement
2. Background: Context of the development project, including property details and development objectives
3. Definitions: Definitions of key terms used throughout the agreement
4. Project Scope: Detailed description of the development project, including nature and extent of works
5. Development Obligations: Developer's primary obligations, including construction, compliance with laws, and quality standards
6. Property Owner's Obligations: Property owner's obligations including providing access, necessary documentation, and cooperation
7. Development Timeline: Project schedule, key milestones, and completion dates
8. Payment Terms: Development costs, payment schedule, and method of payment
9. Approvals and Permits: Responsibility for obtaining necessary governmental and regulatory approvals
10. Construction Standards: Required building standards, quality requirements, and compliance with Hong Kong regulations
11. Variations: Process for managing changes to the development scope or specifications
12. Risk and Insurance: Risk allocation and required insurance coverage
13. Default and Termination: Events of default, remedies, and termination provisions
14. Dispute Resolution: Process for resolving disputes, including mediation and arbitration procedures
15. General Provisions: Standard contractual provisions including notices, assignment, and governing law
1. Pre-Development Conditions: Conditions that must be satisfied before development can commence, used when specific prerequisites exist
2. Environmental Requirements: Specific environmental obligations and compliance requirements, included for environmentally sensitive projects
3. Sales and Marketing: Terms regarding the sale of completed units, included for residential developments
4. Profit Sharing: Arrangements for sharing development profits, used in joint venture developments
5. Property Management: Post-completion management arrangements, included for larger developments
6. Government Subsidies: Terms relating to government incentives or subsidies, included when applicable
7. Heritage Conservation: Special requirements for heritage buildings, included for historical properties
8. Community Obligations: Requirements for community facilities or public spaces, included for larger developments
1. Property Details: Detailed description of the property including lot numbers, boundaries, and existing structures
2. Development Plans: Architectural drawings, plans, and specifications
3. Construction Timeline: Detailed project schedule with milestones and deadlines
4. Payment Schedule: Detailed breakdown of payment terms and milestone payments
5. Required Approvals: List of required governmental and regulatory approvals
6. Technical Specifications: Detailed construction and material specifications
7. Environmental Impact Assessment: Environmental study results and mitigation measures
8. Form of Warranties: Standard forms of construction and material warranties
9. Insurance Requirements: Detailed insurance specifications and coverage requirements
10. Quality Standards: Specific quality benchmarks and inspection criteria
Relevant legal definitions
Clauses
Relevant Industries
Real Estate Development
Construction
Commercial Property
Residential Property
Industrial Property
Mixed-use Development
Urban Renewal
Infrastructure Development
Hospitality
Retail
Relevant Teams
Legal
Real Estate
Development
Construction
Project Management
Compliance
Finance
Risk Management
Property Management
Facilities Management
Relevant Roles
Real Estate Developer
Property Manager
Project Manager
Construction Manager
Legal Counsel
Contract Manager
Development Director
Chief Development Officer
Architect
Quantity Surveyor
Urban Planner
Compliance Officer
Risk Manager
Finance Director
Investment Manager
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