Strategic Partnering Development Agreement for a Multimedia Product
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FAQ
Subject to various statutory exclusions, the definition of a construction contract includes an agreement to provide advice on building or engineering.That means the development agreement is not a construction contract.
A development agreement is not required to be registered. This includes all construction contracts given to a developer. However it attracts a stamp duty of 4% of the market value of the property, subject to a maximum of Rs. 4 lakhs.
A joint development agreement (JDA) sets the terms for two or more parties working together to develop a particular product or technology. The JDA is typically negotiated before or during the working relationship.
This means that any agreement to sell or sale deed which is not registered does not have validity and cannot be considered as valid evidence in the court of law affecting any such property. It also does not confer any power over the property or any right.
In broad terms, a development agreement is a document that regulates the relationship between property developers, funding institutions and tenants.
A development contract is a binding agreement that involves the developer company and the client company. It binds them to adhere to the contract requirement.The client engages with the developer, and the developer agrees to the terms laid on the contract.
Project Development Agreements (PDAs) are often used in urban regeneration and other development projects; they allow the government landowner to keep control of the precinct development and allow the developer to defer payment and land acquisition.