The City of London Law Society (CLLS) has launched the second edition of its development management agreement for commercial property firms.
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 (with ancillary Asset Management Services), revised following its first edition in 2015, has been updated to reflect changes in statutory regulations and updates to RICS valuation standards, among other amendments.
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.”
Edward Sparrow, chairman of City of London Law Society, added: “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.”
The resource is available on the CLLS website for use by solicitors and other practitioners.
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