A Building Agreement for Land at Private Lot Agreement is one that is entered into for providing a license between two parties to construct a building on a property termed as private lot.
The license provides the authority to one party to enter the specified premises for the purpose of construction according to the agreed terms between both the parties. Both the parties to the agreement are known as the licensor and the licensee.
The agreement provides terms of performance on the part of the licensee as to the lease schedule property, payment of license fees, penalty for noncompliance, termination of agreement, payment of property tax, the interest applicable for issuing the license and payable by the licensee and all other ancillary fees like the survey fees to be borne by the licensee.
The agreement also sets out the jurisdiction and procedure for obtaining order of possession of the property by the licensor.
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