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Real Estate Development Contract
"I need a Real Estate Development Contract for a large-scale mixed-use project in Riyadh, Saudi Arabia, with construction starting March 2025, that includes specific provisions for off-plan sales under the Wafi program and addresses phased development over 5 years."
1. Parties: Identification of the developer and owner/client, including full legal names and registration details
2. Background: Context of the development project, including property details and development objectives
3. Definitions: Key terms used throughout the contract, including technical and legal terminology
4. Project Scope: Detailed description of the development project, including specifications and deliverables
5. Contract Price and Payment Terms: Development costs, payment schedule, and payment mechanisms
6. Project Timeline: Construction schedule, milestones, and completion dates
7. Developer's Obligations: Comprehensive list of developer responsibilities and commitments
8. Client's Obligations: Owner/client responsibilities including approvals and access
9. Quality Standards: Required construction and material standards, including compliance with Saudi Building Code
10. Permits and Approvals: Required governmental and regulatory approvals and responsibility for obtaining them
11. Variations and Changes: Procedures for handling changes to project scope or specifications
12. Testing and Commissioning: Requirements for testing and commissioning of completed works
13. Completion and Handover: Completion criteria, inspection procedures, and handover requirements
14. Defects Liability: Defects liability period and remediation obligations
15. Insurance and Securities: Required insurance coverage and performance securities
16. Force Majeure: Events constituting force majeure and consequent procedures
17. Termination: Grounds and procedures for contract termination
18. Dispute Resolution: Procedures for resolving disputes, including Saudi law requirements
19. Governing Law: Confirmation of Saudi law governance and Sharia compliance
1. Environmental Compliance: Required for projects with significant environmental impact, detailing environmental obligations and compliance requirements
2. Community Impact: For large-scale developments affecting local communities, addressing social impact and mitigation measures
3. Financing Arrangements: When project financing is provided by third parties, detailing funding conditions and requirements
4. Off-Plan Sales: For projects involving sale of units before completion, including Wafi program compliance
5. Subcontracting: When subcontractors will be used, detailing management and approval requirements
6. Technology and Smart Systems: For smart building or high-tech developments, specifying technical requirements
7. Phased Development: For projects delivered in phases, detailing phase-specific requirements and conditions
8. Marketing Rights: When project marketing is part of developer's scope, detailing marketing obligations and restrictions
1. Property Details: Legal description of property, title details, and site boundaries
2. Project Specifications: Detailed technical specifications and quality requirements
3. Project Drawings: Approved architectural, structural, and services drawings
4. Payment Schedule: Detailed breakdown of payments, milestones, and payment conditions
5. Construction Program: Detailed project timeline and milestone dates
6. Bill of Quantities: Detailed quantification of materials and works
7. Quality Assurance Plan: Quality control procedures and requirements
8. HSE Requirements: Health, safety, and environmental requirements
9. Forms and Certificates: Template forms for approvals, variations, and certificates
10. Permits and Licenses: Copies of required permits and licenses
11. Insurance Requirements: Detailed insurance specifications and coverage requirements
12. Performance Security Forms: Forms for bank guarantees and performance bonds
Authors
Real Estate Development
Commercial Property
Residential Property
Mixed-use Development
Industrial Development
Hospitality
Retail
Infrastructure
Urban Planning
Construction
Architecture
Engineering
Legal
Real Estate
Construction
Development
Operations
Commercial
Finance
Compliance
Risk Management
Technical Services
Project Management
Business Development
Procurement
Design
Real Estate Developer
Project Director
Construction Manager
Development Manager
Legal Counsel
Contract Manager
Property Manager
Commercial Director
Chief Executive Officer
Operations Manager
Risk Manager
Compliance Officer
Business Development Manager
Technical Director
Finance Director
Project Engineer
Quantity Surveyor
Architect
Urban Planner
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