Development and Construction agreements are agreements that are written between the owners of a building or a land and the developers who construct and reconstruct buildings. Both parties decide on a joint venture by agreeing to a set of terms and conditions. The parties involved in this agreement are mostly compensated by sharing the constructed space between the two. The owner contributes his share for the construction and also shares his rights with the developer to either construct or re-construct the owner’s space or his building.
According to the Development and Construction agreements, the land or the building remains the property of the owner while the developer is given the right of development and any profit that they make is to be shared among the two. The parties involved agree to the specified terms of the agreement and make sure that they adhere to the rules and regulations. Any violation of acts by any of the two parties can lead to the cancellation of the agreement.
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