The development and receivables loan agreement is one where an advance is provided by a financial institution to the construction company on the basis of its receivables. There are two parties to the agreement namely the borrower who is the construction development company and the lender who is a financial institution. The agreement includes details of the development agreement that the company is going to undertake along with the expected returns from the project on completion.
This agreement is different from simple loan agreement, has details of the construction development project such as location of the project, total estimate of the project, time frame for the project, expected returns from the project, date of receivables, assignment of plan and permits of the project, rental receivables from the project, proportion of other parties if any in the project, financial statements of the construction development company etc. The agreement should be executed by the construction development in favor of the financial institution in order to obtain the loan.
Sample for Development And Receivables Loan Agreement
A sample of the agreement can be downloaded from below.
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