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Development Fee Agreement Template for Nigeria

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Key Requirements PROMPT example:

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."

Document background
Development Fee Agreements are essential documents used in Nigerian development projects to establish the commercial and legal framework for development services and associated fees. These agreements are particularly crucial in real estate, infrastructure, and other development projects where specialized expertise is required. The document outlines the scope of development services, fee structures, payment mechanisms, and mutual obligations of the parties involved. Under Nigerian law, Development Fee Agreements must comply with various regulations including the Investment and Securities Act, Companies and Allied Matters Act (CAMA) 2020, and relevant environmental and local content requirements. The agreement typically includes provisions for project milestones, performance standards, and dispute resolution mechanisms specific to the Nigerian legal context.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions









































Clauses





































Relevant Industries

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

Relevant Teams

Legal

Finance

Project Management

Development

Commercial

Investment

Risk and Compliance

Operations

Property Management

Construction Management

Business Development

Contract Administration

Relevant Roles

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

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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