The Forward Funding Agreement is a sophisticated legal instrument used in Belgian property development when a funder agrees to finance a development project from its inception. This document is particularly relevant for large-scale commercial, residential, or mixed-use developments where the developer requires funding before and during the construction phase. The agreement comprehensively addresses Belgian legal requirements for property development, construction, and financial services, including specific provisions for planning permissions, environmental compliance, and tax considerations. It establishes the framework for staged payments, development obligations, quality standards, and risk allocation between parties. The document is crucial for projects where the funder takes a more active role in the development process, requiring detailed provisions for project monitoring, cost control, and potential step-in rights.
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1. Parties: Identification of the Funder and Developer/Seller, including full legal names and registration details
2. Background: Context of the agreement, including brief description of the development project and parties' intentions
3. Definitions and Interpretation: Key terms used throughout the agreement and rules of interpretation
4. Project Description and Specifications: Detailed description of the development project, including location, specifications, and permitted uses
5. Conditions Precedent: Conditions that must be satisfied before the agreement becomes fully effective
6. Purchase Price and Payment Structure: Total funding amount, payment schedule, and mechanics of drawdown
7. Development Obligations: Developer's obligations regarding construction, timing, and quality standards
8. Construction Program and Monitoring: Construction timeline, milestones, and Funder's rights to monitor progress
9. Warranties and Representations: Parties' warranties regarding capacity, title, permissions, and project deliverables
10. Risk Allocation and Insurance: Distribution of risks and required insurance coverage
11. Default and Remedies: Events of default and corresponding remedies available to parties
12. Completion and Handover: Requirements for practical completion and procedures for handover
13. Boilerplate Provisions: Standard legal provisions including notices, governing law, and dispute resolution
1. Environmental Provisions: Required when the development involves significant environmental considerations or risks
2. Planning Obligations: Needed when specific planning requirements or agreements with authorities exist
3. Pre-lets and Occupier Provisions: Include when there are pre-existing lease arrangements or specific occupier requirements
4. Public Infrastructure Requirements: Required when development includes or depends on public infrastructure works
5. Cost Overrun Provisions: Include when specific mechanisms for handling cost overruns are agreed
6. Step-in Rights: Include when Funder requires right to take over development in specific circumstances
7. VAT and Tax Structure: Required when specific tax structuring is part of the agreement
1. Property Description and Title Documents: Detailed property information and title documentation
2. Development Specifications: Detailed technical specifications and drawings
3. Construction Program: Detailed construction timeline and milestones
4. Form of Drawdown Notice: Template for requesting funding drawdowns
5. Professional Team Appointments: Details of key consultants and contractors
6. Forms of Collateral Warranties: Template warranties from contractors and consultants
7. Planning Permissions and Conditions: Copies of relevant planning permissions
8. Cost Plan and Budget: Detailed project costs and budget breakdown
9. Form of Practical Completion Certificate: Template for completion certification
10. Insurance Requirements: Detailed insurance specifications and requirements
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