Parties Tranquility Investments (QLD) Pty Ltd ACN 158 407 419 of Fairfax House, Level 5, 19-31 Pitt Street, Sydney NSW 2000 (Quantum) and Dandina Pty Ltd ACN 167 219 481 as trustee for the Occitan Trust of Glamorganvale Road Cnr of Brisbane Valley Highway, Fernvale QLD 4306 (Murdoch) (together joint ventures) Tranquility Developments (QLD) Pty Ltd ACN 167 107 468 of Fairfax House, Level 4, 19-31 Pitt Street, Sydney NSW 2000 (Development Manager) The joint ventures have entered into the joint venture agreement for the implementation of the project. The development manager was created by the joint ventures with the realization of the work in the countryside and the development company of the project. The developer shall perform or obtain that the work be carried out in accordance with this Agreement. The joint ventures and the developer have agreed to enter into this agreement in order to collect the rights, obligations and claims of the parties regarding the power conferred on the developer by the owner. It is customary for the owner to retain an element of control with respect to the management of a development, by requiring the developer to seek consent or approval with respect to important decisions, processes, purchase options, or when the services provided result in a financial threshold being exceeded. An owner may also request representation on a project committee set up with respect to development, as well as detailed and regular reporting obligations that the developer must meet. When an owner attempts to develop their land or land and appoint a developer who does so on their behalf, the parties usually enter into a Development Management Agreement (DMA). Development management fees can be calculated in different ways: an owner may want to hire a developer as part of a DMA for a number of reasons, including the owner, who does not have the expertise, experience or ability to carry out the proposed development or because the owner wishes to transfer management responsibility to a third party, management and performance with regard to development. A detailed understanding of the above options is essential. For example, perhaps the most common method of calculation is that the development management fee is based on a percentage of development costs: what represents development costs is essential to properly link development management fees to development costs, while ensuring that an inefficient developer is not rewarded. The assessment and calculation of the development management fee is one of the main provisions of the DMA. The parties must carefully evaluate the scope of the services requested by an owner and the services provided by the developer.
Detailed services are usually provided in the form of a calendar or annex to a DMA and may be as limited or varied as the parties need. Some examples of services provided by a developer as part of a DMA include general business development activities, legal and investment-related services, project financing, coordination and development of design documents, authorization processing, acquisition services, construction and project management, development marketing, leasing and distribution, as well as asset and asset management. . . .