Land Sharing Agreement

Land Sharing Agreement

A floor participation agreement, also known as a "kat karşılığı" in Turkish, is a contract made between a property owner (contractor) and a landowner (property owner) for a construction project. This agreement allows the landowner to have the contractor develop a construction project on their land and, in return, receive a certain number of apartments or commercial units. Here are some important points to consider when drafting a floor participation agreement:


Powers and Responsibilities of the Parties: The contract should clearly state the scope, quality, duration, and completion conditions of the construction work to be carried out by the contractor. The property owner's responsibilities, such as the committed number of floors, payment terms, construction permits, and other obligations, should also be clearly expressed.


Construction Period and Delivery Date: The contract should specify the start and end dates of the construction project and, if necessary, include provisions for potential delays and corresponding penalties between the parties. The delivery date should be clearly determined, and if there are any anticipated delays, provisions regarding such delays should be included.


Price and Payment Schedule: The contract should state the value of the construction project in terms of floor participation, the payment method, and the amounts of installments. The payment schedule should outline when and at which stages the installments will be made. Additionally, provisions related to interest rates or penalties applicable in case of disputes between the parties can be included.


Nature and Quality of the Construction: The contract should specify the technical specifications, material quality, compliance with building standards, and municipal regulations of the construction to be undertaken. The contract should also address the warranty and maintenance periods for which the contractor is responsible.


Cancellation and Dispute Resolution: The contract should outline the rights of the parties to cancel the agreement, the consequences of cancellation, and the preferred methods for resolving disputes.


Please note that this is a general overview, and it's advisable to consult with a legal professional familiar with the specific laws and regulations in Turkey when drafting a floor participation agreement.

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