Document background
Predevelopment Agreements are essential documents used in the initial stages of property development projects across the United States. These agreements become necessary when parties need to formalize their arrangements for conducting preliminary development activities before committing to full project development. A Predevelopment Agreement typically includes provisions for feasibility studies, due diligence, preliminary design work, environmental assessments, and regulatory approvals. It serves to allocate risks, costs, and responsibilities during this crucial early phase while protecting the interests of all parties involved. The agreement is particularly important in complex development projects where significant resources must be invested before determining project viability.
