Review Australian Joint Venture Property Development Contract - 22 pages
The work assignment:
Lawyer with experience in Australian Property or Finance law to review the contract and look out for the rights of the "Depositor" to notice anything unusual.
Contract has 22 pages and describes the Joint Venture of 3 parties: Project Manager, Land Proprietor (financier) and Depositor.
On top of that please answer the following questions:
a) Are Depositors responsible for any debts or finance on the project? I.e. the maximum Depositors are required to contribute (and therefore potentially lose) is deposit plus the A-team service fee of 15k + GST)?
b) Will Depositor be the first party paid with any profit from the sale of the development (after the bank debts have been paid of course)?. Ie Depositor is paid the deposit money back before anything is paid to the financier or project manager from development sale profits?
c) If the Financier goes bust, what security do Depositor have in terms of a) not being required to fund and financing shortfalls (interest expense or debt owed)?
d) Is there any agreement on the fact that the funds from the depositor and financier must be used appropriately by the project manager? i.e. they cannot waste the money or pay themselves inappropriately.
The contract will be send for review after this job is assigned to a freelancer.
One more question: If there is a natural disaster (floods, cyclone) is Depositor covered for potential losses?
13 freelancers are bidding on average $187 for this job
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