The City of London Law Society (CLLS) has launched the second edition of its development management agreement (with ancillary asset management services).

The precedent document, which was compiled by the CLLS’s land law committee, is intended to act as a key resource for commercial property law firms, and is an important contribution to their development and construction legal toolkits.

The agreement was produced by representatives from the City of London’s leading law firms operating in the industry, to provide a comprehensive and sophisticated precedent that more accurately reflects the state of today’s development market.

The agreement, revised following its first edition in 2015, has been updated to reflect changes in statutory regulations and updates to RICS valuation standards. Other headline changes include an optional new clause allowing the Owner to be released from future liability if the Agreement is novated with the assignee, and provision for the level of insurance cover to be effected by the Manager. The document title has also been changed to more accurately reflect the primary use of the precedent as a development management agreement for a single development project, to which the asset management services are incidental.