A development and construction management agreement is one that provides for developing the property of the owner by the construction management company. The agreement sets out all the terms that are necessary for the construction project to be completed according to the requirements of the property owner and on time without any delay. The construction management company takes the responsibility for the development and construction of the property completely without any involvement of the property owner.
The agreement sets forth all the terms and conditions for the development and construction activity that needs to be undertaken such as duties and responsibilities of the construction management company, payment deadlines, total term of the project, technical specifications of the project, location of the construction project, measurements of the property and lastly resolution mechanism of any disputes that arise between the property owner and the construction management company. Then agreement is dated and signed by both the parties to the agreement.
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