If you`re in the legal industry, you`re likely familiar with Section 106 agreements. In short, these agreements are used to ensure that builders and developers provide the necessary infrastructure and amenities for new developments.
One area where Section 106 agreements are particularly important is in the creation of new housing developments. These agreements often involve the local council, the developers, and the relevant planning authorities.
However, there`s also a Law Society Standard Section 106 Agreement that`s worth discussing. This agreement is a template that can be used by solicitors and other legal professionals when negotiating Section 106 agreements on behalf of their clients.
What is the Law Society Standard Section 106 Agreement?
The Law Society Standard Section 106 Agreement is a standardized agreement template that has been created to make the negotiation and completion process of Section 106 agreements simpler and more efficient.
The agreement is designed to cover a wide range of issues and obligations, including:
– The detailed plans for the proposed development
– The payment of planning obligations, including contributions to local authority infrastructure such as highways, education, and transport.
– Requirements for the developer to provide affordable housing units
– The provision of public open spaces and community facilities
Why use the Law Society Standard Section 106 Agreement?
Using a standardized agreement like the Law Society Standard Section 106 Agreement can be beneficial for a number of reasons. Firstly, it can save time and money by reducing the amount of negotiation and drafting time required compared to creating a new agreement from scratch.
Additionally, the Law Society Standard Section 106 Agreement is drafted by legal experts, so you can be confident that it meets all relevant legal requirements. By using a tried and tested template, you can be assured that the agreement is robust and will protect the interests of all parties involved.
Finally, using the Law Society Standard Section 106 Agreement can help ensure consistency in the agreements reached across different developments. This can be particularly important for local authorities, who may want to ensure that developers are meeting their obligations to the wider community.
In summary, if you`re involved in negotiating Section 106 agreements, it`s well worth familiarizing yourself with the Law Society Standard Section 106 Agreement. Not only can it save time and money, but it can also provide you with added confidence that you`re negotiating an agreement that meets all legal requirements.