The most important clauses in a joint development agreement are:
(i) Compliance of all laws and rules for the time being in force;
(ii) Penalty for not completing the project in time;
(iii) If the project is indefinitely delayed, the Owner should have the right to terminate the agreement and the Developer should not have the right to raise any objection or dispute in this regard;
(iv) If the Developer avails any loan on the property, it should be clearly mentioned that the Owner will have the first charge on the property till such time he receives his entire share of the constructed areas properly completed to his satisfaction.
(v) The Owner shall not be liable if the Developer does not honor the terms and conditions which he has agreed with the ultimate purchasers of the apartments.
(vi) There must be a time limit for completing the construction at every stage, from start to finish.
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