Property Development Contract Template for Nigeria

The Property Development Contract is a crucial document used in Nigerian real estate and construction projects to formalize the relationship between property developers and owners/clients. This agreement is essential when undertaking any significant property development in Nigeria, whether commercial, residential, or industrial. It must comply with the Land Use Act 1978, Nigerian National Building Code, and various state-level regulations. The contract typically includes detailed specifications for the development, construction timelines, payment structures, quality standards, and regulatory compliance requirements. It's particularly important in the Nigerian context due to the complex land tenure system and the need to ensure proper documentation for planning permissions, environmental compliance, and local authority approvals.

1. Parties: Identification of the developer and property owner/client, including full legal names, registration details, and addresses

2. Background: Context of the development project, including property details and development objectives

3. Definitions: Detailed definitions of technical terms, legal concepts, and key phrases used throughout the contract

4. Scope of Works: Detailed description of the development project, including type of development, size, and general specifications

5. Developer's Obligations: Comprehensive list of developer's responsibilities, including construction, compliance with laws, and quality standards

6. Client's Obligations: Responsibilities of the property owner/client, including site access, approvals, and cooperation requirements

7. Project Timeline: Construction schedule, key milestones, completion dates, and provisions for extensions of time

8. Payment Terms: Contract price, payment schedule, method of payment, and conditions for payment

9. Variations: Process for managing changes to scope, specifications, or timeline, including pricing mechanisms

10. Quality and Standards: Required quality standards, compliance with building codes, and inspection procedures

11. Warranties and Defects: Warranty periods, defects liability period, and rectification procedures

12. Insurance and Securities: Required insurance coverage, performance bonds, and other security requirements

13. Termination: Grounds for termination, termination procedures, and consequences

14. Dispute Resolution: Procedures for resolving disputes, including mediation, arbitration, and jurisdiction

15. General Provisions: Standard legal provisions including notices, governing law, and entire agreement