A Contract made between two parties where the land owner hires an individual or party for the development of the piece of land is known as land development contract. Such a contract is formal and written and is usually recognised under law, which means that the violation of the terms can lead to adverse consequences.
Sample land development contract:
This contract is drafted on the effective date of 12th July, 2011
This contract is made between Mr. Robert Jack, who is hereafter known as the land OWNER and Mr. John Glass, who is hereafter known as the DEVELOPER. The details of the parties are mentioned as follows:
Address: G-8, 5’Th floor, Henry estate, CA
Contact number: 4379043875945
Address: RT-45, friend’s buildings, NY
Contact number: 47894740587950
Details of the LAND:
Address: 234-gh, Tim farms, CA
Land Area: 100 acres
This land is owned by OWNER for the last 3 years and he hires the DEVELOPER to develop it.
Duration of Contract:
Termination of contract: 12 months after effective date which is 12th July, 2012
An amount of $5000 shall be paid to the DEVELOPER in advance and an amount of $6000 shall be paid once the contract terminates.
The following are the terms and conditions to be followed by both parties:
- The OWNER shall keep in check and have a right to inspect the land whenever he wishes to.
- The DEVELOPER shall make sure that the land is developed in accordance with the plan shown to him by the OWNER.
Both the parties hereby validate the contract by signing it:
Robert jack John Glass