City of London Law Society launches updated Development Management Agreement for commercial property firms
The City of London Law Society (“CLLS”) has launched the second edition of its Development Management Agreement (with ancillary Asset Management Services).
The precedent document, which was compiled by the CLLS’s Land Law Committee, is intended to act as a key resource for commercial property law firms, and is an important contribution to their development and construction legal toolkits.
The agreement was produced by representatives from the City of London’s leading law firms operating in the industry, to provide a comprehensive and sophisticated precedent that more accurately reflects the state of today’s development market.
The Development Management Agreement, revised following its first edition in 2015, has been updated to reflect changes in statutory regulations and updates to RICS valuation standards. Other headline changes include an optional new clause allowing the Owner to be released from future liability if the Agreement is novated with the assignee, and provision for the level of insurance cover to be effected by the Manager. The document title has also been changed to more accurately reflect the primary use of the precedent as a development management agreement for a single development project, to which the asset management services are incidental.
The resource is readily available on the CLLS’s website for use by solicitors and other practitioners.
Jackie Newstead, Chair of the CLLS Land Law Committee, said:
“By updating the Development Management Agreement, the Committee is seeking to provide a helpful and up to date resource, reflecting the current regulatory framework. We hope this will continue to be a useful and comprehensive document, that can be amended or cut down as required to suit the needs of individual transactions.”
Warren Gordon, Secretary of the CLLS Land Law Committee, said:
“The new Development Management Agreement has received detailed attention from experts in this area to produce an industry standard for development management transactions.”
Edward Sparrow, Chairman of City of London Law Society, said:
“This updated document draws on the expertise and experience of some of the City’s leading solicitors in the field, who make up the CLLS Land Law Committee. It is a user-friendly resource that is freely accessible to all solicitors and practitioners across England and Wales.”
Kindly shared by City of London Law Society (CLLS)