The Real Estate Development Contract is a fundamental document used in Hong Kong's property development industry to establish a legally binding agreement between developers and contractors for the construction of properties. It is essential when undertaking any significant real estate development project, whether commercial, residential, or mixed-use. The contract must comply with Hong Kong's legal framework, including the Buildings Ordinance, Town Planning Ordinance, and other relevant regulations. It typically includes comprehensive details about construction specifications, quality standards, project timelines, payment structures, and risk allocation mechanisms. The document is particularly important given Hong Kong's complex building requirements, limited land resources, and high-density development environment. It serves to protect all parties' interests while ensuring project delivery meets local regulatory requirements and industry standards.
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Key Requirements PROMPT example:
Real Estate Development Contract
"I need a Real Estate Development Contract for a 40-story commercial building project in Kowloon, Hong Kong, with LEED certification requirements, construction to commence in March 2025, with particular emphasis on green building standards and technology integration."
1. Parties: Identification of the developer, contractor, and any other key parties to the agreement
2. Background: Context of the development project, including site details and development objectives
3. Definitions: Definitions of key terms used throughout the agreement
4. Scope of Work: Detailed description of the development project and construction works to be performed
5. Contract Sum and Payment Terms: Price, payment schedule, and mechanisms for variations
6. Project Timeline: Construction schedule, milestone dates, and completion requirements
7. Developer's Obligations: Responsibilities of the developer including permits, approvals, and site access
8. Contractor's Obligations: Responsibilities of the contractor including construction methods, materials, and quality standards
9. Quality and Standards: Required construction standards, quality control measures, and compliance requirements
10. Variations and Changes: Procedures for handling changes to scope, design, or specifications
11. Site Management: Requirements for site safety, security, and environmental protection
12. Insurance and Indemnities: Required insurance coverage and indemnification obligations
13. Defects Liability: Warranty period and obligations for rectifying defects
14. Force Majeure: Provisions for handling unforeseen circumstances and their impact
15. Termination: Grounds and procedures for contract termination
16. Dispute Resolution: Procedures for resolving disputes including mediation and arbitration
17. Governing Law: Specification of Hong Kong law as governing law and jurisdiction
1. Performance Bond: Required when additional security for performance is needed
2. Parent Company Guarantee: Included when contractor's parent company guarantee is required
3. Green Building Requirements: Specific provisions for environmentally sustainable development
4. Community Engagement: Requirements for managing community relations during development
5. Pre-existing Site Conditions: Special provisions for dealing with known site issues or contamination
6. Phased Development: Specific provisions for projects delivered in multiple phases
7. Intellectual Property Rights: Provisions regarding design rights and other IP when significant design elements are involved
8. Financing Requirements: Special provisions related to project financing arrangements
1. Schedule 1 - Project Specifications: Detailed technical specifications for the development
2. Schedule 2 - Site Plans and Drawings: Architectural, structural, and other technical drawings
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment milestones and amounts
4. Schedule 4 - Construction Program: Detailed project timeline and milestone dates
5. Schedule 5 - Quality Assurance Plan: Detailed quality control procedures and requirements
6. Schedule 6 - List of Approved Subcontractors: Pre-approved subcontractors for specific work packages
7. Schedule 7 - Environmental Management Plan: Environmental protection and compliance requirements
8. Schedule 8 - Forms of Certificates: Ƶ for various certificates including completion certificates
9. Appendix A - Government Approvals: Copies of relevant permits and approvals
10. Appendix B - Insurance Requirements: Detailed insurance specifications and coverage requirements
11. Appendix C - Safety Management Plan: Detailed safety procedures and requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Architecture
Engineering
Property Development
Infrastructure
Urban Planning
Environmental Services
Building Materials
Professional Services
Banking and Finance
Relevant Teams
Legal
Construction
Project Management
Commercial
Procurement
Technical
Design
Quality Assurance
Risk Management
Environmental Compliance
Finance
Operations
Relevant Roles
Chief Executive Officer
Development Director
Project Director
Construction Manager
Contract Manager
Legal Counsel
Project Manager
Quantity Surveyor
Site Manager
Risk Manager
Commercial Director
Technical Director
Procurement Manager
Design Manager
Environmental Compliance Officer
Quality Assurance Manager
Finance Director
Operations Director
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