The Project Development Agreement is a crucial document used in New Zealand's property development and construction industry to formalize the relationship between developers, property owners, and other stakeholders involved in development projects. This agreement is particularly relevant when undertaking significant construction or development works where multiple parties need to coordinate their efforts and responsibilities. It addresses key aspects required under New Zealand law, including compliance with the Building Act 2004, Resource Management Act 1991, and Construction Contracts Act 2002. The document typically includes detailed provisions for project execution, risk management, consents and approvals, payment structures, and dispute resolution mechanisms, making it essential for both commercial and residential development projects of varying scales.
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Key Requirements PROMPT example:
Project Development Agreement
"I need a Project Development Agreement for a mixed-use development project in Auckland, involving construction of retail and residential units, with completion targeted for March 2025; the agreement needs to especially focus on staged development and managing multiple stakeholders."
1. Parties: Identification and details of all parties to the agreement
2. Background: Context of the development project and relationship between the parties
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Project Scope: Detailed description of the development project, including objectives and deliverables
5. Development Program: Timeline, milestones, and completion dates for the project
6. Project Management: Management structure, reporting requirements, and decision-making processes
7. Developer's Obligations: Comprehensive list of developer's responsibilities and commitments
8. Principal's Obligations: Responsibilities and commitments of the principal/client
9. Consents and Approvals: Process for obtaining and maintaining necessary regulatory approvals
10. Payment Terms: Payment schedule, amounts, and mechanisms
11. Variations: Process for managing changes to project scope or requirements
12. Risk Allocation: Distribution of risks between parties and risk management procedures
13. Insurance and Liability: Insurance requirements and liability limitations
14. Default and Termination: Events of default, remedies, and termination procedures
15. Dispute Resolution: Process for resolving disputes between parties
16. General Provisions: Standard legal provisions including notices, assignment, and governing law
1. Third Party Agreements: Required when project involves significant subcontractors or consultants
2. Environmental Management: Include when project has significant environmental considerations
3. Community Engagement: Necessary for projects with substantial community impact
4. Intellectual Property: Include when project involves creation of significant IP
5. Marketing and Sales: Required for developments involving property sales
6. Defects Liability: Include for projects with post-completion warranty periods
7. Force Majeure: Optional but recommended for long-term projects
8. Staged Development: Include when project will be completed in distinct stages
9. Funding Conditions: Required when project depends on external funding arrangements
1. Schedule 1: Project Plans and Specifications: Detailed technical specifications and architectural plans
2. Schedule 2: Development Program: Detailed timeline including all milestones and critical dates
3. Schedule 3: Payment Schedule: Detailed breakdown of payments, timing, and conditions
4. Schedule 4: Site Details: Legal description and details of development site
5. Schedule 5: Consents and Approvals: List of required regulatory approvals and their status
6. Schedule 6: Key Personnel: Details of key project team members and their roles
7. Schedule 7: Insurance Requirements: Specific insurance types and coverage levels required
8. Schedule 8: Form of Practical Completion Certificate: Template for completion certification
9. Appendix A: Site Investigation Reports: Geotechnical and environmental investigation results
10. Appendix B: Resource Consent Conditions: Conditions imposed by regulatory authorities
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate Development
Construction
Infrastructure
Commercial Property
Residential Development
Mixed-Use Development
Urban Planning
Industrial Development
Retail Development
Hospitality Development
Relevant Teams
Legal
Development
Construction
Project Management
Commercial
Finance
Operations
Risk Management
Property
Planning
Procurement
Technical Services
Executive Leadership
Relevant Roles
Development Manager
Project Manager
Construction Manager
Legal Counsel
Contract Manager
Property Developer
Commercial Director
Chief Executive Officer
Risk Manager
Finance Manager
Operations Manager
Site Manager
Planning Manager
Procurement Manager
Technical Director
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