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A development agreement is a contract where a developer commits to undertake construction on behalf of another party, outlining obligations related to cost, quality, and timing, and facilitating property interest transfer. A development funding agreement, or forward funding agreement, involves financing the construction, allowing investors to receive a fixed return on their investments. Project development agreements (PDAs) are often utilized in urban regeneration, enabling government landowners to maintain control over development while allowing developers to defer payment and land acquisition. Joint development agreements (JDAs) facilitate collaboration between parties in such projects.
