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Article 6 Development agreements

Original text. Later amendments are not shown.

(1)

A construction contract is excluded from the operation of Part II if it is a development agreement, within the meaning given below.

(2)

A contract is a development agreement if it includes provision for the grant or disposal of a relevant interest in the land on which take place the principal construction operations to which the contract relates.

(3)

In paragraph (2) above, a relevant interest in land means–

(a)

ownership; or

(b)

a tenant’s interest under a lease for a period which is to expire no earlier than 12 months after the completion of the construction operations under the contract.