Development Management Fees Clause Samples
The Development Management Fees clause defines the compensation structure for the party responsible for overseeing and managing a development project. Typically, this clause outlines how fees are calculated—such as a percentage of project costs or a fixed amount—and specifies the timing and conditions for payment. By clearly establishing the basis and schedule for these fees, the clause ensures transparency in financial arrangements and helps prevent disputes over payment during the course of the project.
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Development Management Fees. The Advisor shall receive as compensation for services provided by the Advisor, its Affiliates, or sub-contractors thereof in connection with overseeing the development, construction and improvement, including tenant improvements, of Real Properties by third parties on behalf of the Company a Development Management Fee payable by the Company. The Development Management Fee shall equal 4.0% of the cost to develop, construct or improve any Real Property on behalf of the Company. Development Management Fees shall be payable as such costs are incurred. However, Development Management Fees shall not be payable to the extent that such fees would cause the total of all Acquisition Fees (including Development Management Fees) and Acquisition Expenses payable with respect to any Real Property to exceed 6% of the amount actually paid or allocated to the purchase, development, construction or improvement of such Real Property, exclusive of Acquisition Fees and Acquisition Expenses, unless fees in excess of such amount are approved by a majority of the Directors not interested in such transaction and by a majority of the Independent Directors not interested in such transaction. The Advisor may hire third parties to assist the Advisor in performing these oversight services, in which case the Advisor will compensate the third party from its Development Management Fee. The Advisor and the Company may also agree for the Company to engage a third party to provided these services directly, in which case the Advisor shall not receive a Development Management Fee.
Development Management Fees. (a) In respect of any Development where the total Cost of Works exceeds $50,000 (excluding GST), the Manager shall be entitled to a fee equal to 3.5% plus GST of the total costs of the works (excluding GST).
(b) A development management fee will be payable by instalments each month in arrears in respect of a period from and including the date that the relevant works are approved by the Manager until and including the date the certificate of practical completion has been issued in respect of such works (if applicable).
Development Management Fees. 4% of gross contract price for development, tenant improvements or other capital expenditures, as applicable, plus Allocable Costs and Expenses.
Development Management Fees. Pursuant to the Trust Deed of Ascendas Reit (the "Trust Deed"), the Manager is entitled to receive a development management fee (“Development Management Fee”) not exceeding 3.0% of the total project costs incurred in a development project undertaken on behalf of Ascendas Reit. For the BTS Transaction, the Trustee and the Manager’s independent directors have reviewed and approved the Development Management Fee of S$1.80 million (being 1.0% of the Total Project Cost, less fees payable to the Manager). In accordance with the Trust Deed and the Property Funds Appendix, when the Manager receives a percentage-based fee from Ascendas Reit when the latter acquires real estate assets from interested parties, such a fee should be paid in the form of Units issued by Ascendas Reit at the prevailing market price. These Units should not be sold within one year from their date of issuance. As such, the Trustee and the Manager’s independent directors have reviewed and approved a sum of S$0.84 million (being 1.0% of the Land Premium), to be payable in the form of Units, as it relates to a transaction with an interested party. In accordance with established precedence, the portion of the Development Management Fee which is payable in Units is expected to be paid 30 days from the payment of the Land Premium. The remaining Development Management Fee shall be paid in cash.