Area Development Agreements
Area Development Agreements provide a special challenge. What are the “criteria” that must be met in order to keep to the development schedule? What happens to existing locations if the remaining schedule is not met? Will they have protected areas and if so, what will they be? If a default occurs with respect to one of your units, will it affect your other (nondefaulting) units or not? Who will be obligated with respect to the Development Agreement and what will the extent of responsibility be? All of these, and other, issues need to be addressed in the Area Development Agreement and we can help you do so.
Area Development Agreement from ReelLawyers on Vimeo.