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Development Fee Agreement
"I need a Development Fee Agreement under Nigerian law for a mixed-use real estate project in Lagos, with a success-fee structure that includes both fixed and variable components based on project milestones to be completed by March 2025."
1. Parties: Identification and details of the developer and the client
2. Background: Context of the development project and the parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Scope of Development Services: Detailed description of development services to be provided
5. Development Fee Structure: Breakdown of fees, payment methods, and payment schedule
6. Payment Terms: Timing of payments, invoicing procedures, and payment conditions
7. Developer's Obligations: Specific responsibilities and commitments of the developer
8. Client's Obligations: Specific responsibilities and commitments of the client
9. Project Timeline: Development milestones and completion dates
10. Representations and Warranties: Statements of fact and assurances from both parties
11. Term and Termination: Duration of agreement and conditions for termination
12. Confidentiality: Protection of confidential information and trade secrets
13. Intellectual Property Rights: Ownership and usage rights of development outputs
14. Dispute Resolution: Procedures for handling disputes between parties
15. Governing Law: Specification of Nigerian law as governing law
16. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment
1. Environmental Compliance: Required when development involves environmental impact considerations
2. Foreign Exchange Provisions: Needed when development fees involve international payments
3. Local Content Requirements: Required when project must comply with Nigerian local content laws
4. Force Majeure: Optional clause for unforeseeable circumstances preventing performance
5. Step-In Rights: Required when client needs right to take over development in specific circumstances
6. Insurance: Optional section detailing required insurance coverage for the development
7. Security Provisions: Required when development fees are secured against assets or guarantees
8. Anti-Corruption Compliance: Required for projects involving government entities or substantial public interest
1. Schedule 1 - Development Services Description: Detailed scope of development services and deliverables
2. Schedule 2 - Fee Calculation: Detailed breakdown of fee structure and calculation methodology
3. Schedule 3 - Payment Schedule: Milestone-based payment schedule with specific amounts and triggers
4. Schedule 4 - Project Timeline: Detailed project schedule with milestones and deadlines
5. Schedule 5 - Key Personnel: List of key personnel from both parties involved in the development
6. Schedule 6 - Technical Specifications: Technical requirements and standards for the development
7. Appendix A - Required Permits and Approvals: List of necessary regulatory permits and approvals
8. Appendix B - Form of Invoice: Template for development fee invoices
9. Appendix C - Reporting Requirements: Templates and schedules for project progress reporting
Authors
Real Estate
Infrastructure
Construction
Energy
Industrial Development
Commercial Property
Residential Development
Mixed-use Development
Urban Planning
Tourism and Hospitality
Healthcare Facilities
Educational Institutions
Technology Parks
Agricultural Development
Mining and Natural Resources
Legal
Finance
Project Management
Development
Commercial
Investment
Risk and Compliance
Operations
Property Management
Construction Management
Business Development
Contract Administration
Development Director
Project Manager
Legal Counsel
Finance Director
Commercial Manager
Investment Manager
Real Estate Developer
Construction Manager
Property Development Executive
Chief Development Officer
Contract Administrator
Development Consultant
Investment Analyst
Property Manager
Facilities Manager
Risk Manager
Compliance Officer
Development Coordinator
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