[{"data":1,"prerenderedAt":524},["ShallowReactive",2],{"document-economic-development-agreement-D13006":3},{"document":4,"label":21,"preview":11,"thumb":22,"thumb600":23,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":24,"breadcrumb":28,"related":34,"customDescModule":167,"customdescription":6,"mdFm":168,"mdProseHtml":523},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":16,"keywords":15},"ECONOMIC DEVELOPMENT AGREEMENT This Economic Development Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [ECONOMIC DEVELOPMENT CORPORATION OF [NAME OF CITY]], (the \"EDC\") registered under the laws of [State/Province] of [STATE/PROVINCE] with its head office located at: [YOUR COMPLETE ADDRESS] AND: [NAME OF COMPANY] (the \"Developer\") registered under the laws of [State/Province] of [STATE/PROVINCE] with its head office located at: [YOUR COMPLETE ADDRESS] WHEREAS, The Developer is willing to provide Economic Development Services for the City of [SPECIFY CITY] (the \"City\"), which shall be provided with the assistance of the EDC; WHEREAS, The Parties shall list the relations, rights and obligations through this Agreement; WHEREAS, The Parties wish to evidence their contract in writing; NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: PURPOSE The purpose of this Agreement is to set forth the relationship between the Developer and EDC and the respective duties, responsibilities and obligations of each and the procedures to be followed relating to the design, construction and operation of the Development; and To provide a means by which the Development can be designed, constructed and completed by the Developer, with the cooperation of EDC, and for the coordination of efforts on the part of each to ensure the timely and expedited construction and Completion of the Development. FINDINGS EDC do hereby ascertain, determine, declare and find that: The Development will provide or preserve gainful employment for citizens of the City, make a significant contribution to the economic growth of the City and serve a public purpose by, among other things, advancing economic prosperity, helping to alleviate conditions of unemployment and underemployment in the City and attracting new and improved commercial and industrial enterprises to the City. The EDC is empowered under the applicable laws to construct, acquire by gift or purchase, reconstruct, improve, maintain or repair projects and acquire necessary lands for the site of a project, and to sell and to convey a project or any part thereof for a price and at a time which EDC determines, and to lend, grant, transfer, or convey funds, the EDC is empowered by applicable laws to constitute the performance of essential public purposes and functions for the State and its municipalities. The execution of this Agreement and the construction implementation of the Development will enhance the public benefit and welfare and therefore constitute public purposes in that they prevent and combat community deterioration in the City; increase employment opportunities in the City; help to alleviate conditions of unemployment and/or underemployment in the City; promote the location, relocation, expansion and retention of commercial and industrial enterprises in the City; increase and promote tourism and enhance tourist amenities in the City; and preserve and improve the aesthetic quality inuring to the economic health of the City. The above-cited items constitute important public benefits to the City and EDC. Further, additional public benefits of this Agreement and the construction of the Development consist of increased taxes and other revenues from the operation of the Development. Further, EDC hereby declares and acknowledges that the entering into of this Agreement was done on a competitive basis with a systematic evaluation of factors relating to the public benefit and welfare, and the public purposes, hereinabove described, all in accordance with the Ordinance. TERM The present Agreement shall commence on [DATE] (the Effective Date), and shall be operative until the Work is completed by the Developer. However, the Agreement may be terminated in accordance with the termination clause of this Agreement. ECONOMIC DEVELOPMENT The Developer agrees to undertake and complete the Development by the Effective Date agreed upon and specified in Section 3 of this Agreement. Except as otherwise provided herein, the Developer agrees, for itself and its successors and assigns, that, from and after the Closing Date, it shall promptly begin, and thereafter shall diligently prosecute or cause to be prosecuted to Completion, the Design Services, and the Work subject to and in accordance with the terms of this Agreement. The Development Services which are to be provided by the Developer are mentioned in Annexure - 1 which is attached to this Agreement. FINANCE The funds for the Economic Development performed by the Developer shall be provided by the EDC. The procedure and the amount shall be determined and paid according to Annexure - 2. Annexure - 2 is attached to this Agreement. COMPLETION The Developer agrees that it will make, execute, acknowledge and deliver any contracts, orders, receipts, writings and instructions with any other persons, firms or corporations and in general do all things reasonably within its power which may be requisite or proper, all for the acquisition, construction, expansion, equipping and improvement of the Project, and, upon Completion, the Developer will operate and maintain the Project in such manner as reasonably within the Developer's power so as to conform with all applicable zoning, planning, building, environmental and other applicable governmental regulations, so as to be consistent with the applicable laws. REPRESENTATIONS, WARRANTIES AND COVENANTS BY THE DEVELOPER The Developer is a registered company existing under the laws of [COUNTRY], and has all requisite power and authority to enter into and perform its obligations under this Agreement and all other agreements and undertakings to be entered into by the Developer in connection herewith. This Agreement, and, to the extent such documents presently exist in a form accepted by EDC and the Developer, each document contemplated or required by this Agreement to which the Developer is a Party has been duly authorized by all necessary action on the part of, and has been or will be duly executed and delivered by, the Developer; is binding on the Developer; and is enforceable against the Developer in accordance with its terms, subject to applicable principles of equity and insolvency laws. The Developer shall adhere to the terms of this Agreement and shall follow the terms laid down in good faith. REPRESENTATIONS AND WARRANTIES OF EDC The EDC is a validly existing State public body corporate and has all requisite power and authority to enter into and perform its obligations under this Agreement, and all other agreements and undertakings to be entered into by EDC in connection herewith.",null,"Economic Development Agreement","8",513,"doc","https://templates.business-in-a-box.com/imgs/1000px/feedback-form-2018-2019-D13006.png","https://templates.business-in-a-box.com/imgs/250px/13006.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13006.xml",{"title":15,"description":6},"economic development agreement",[17,20],{"label":18,"url":19},"Legal Agreements","/templates/business-legal-agreements/",{"label":18,"url":19},"Economic Development Agreement Template","https://templates.business-in-a-box.com/imgs/400px/13006.png","https://templates.business-in-a-box.com/imgs/600px/13006.png",[25,17,20],{"label":26,"url":27},"Templates","/templates/",[29,30,31],{"label":26,"url":27},{"label":18,"url":19},{"label":32,"url":33},"Real Estate & Leases","/templates/real-estate-and-leases/",[35,39,43,47,51,55,59,63,67,71,75,79,83,98,113,127,140,153],{"label":36,"url":37,"thumb":38,"extension":10},"Development and Publishing Agreement","/template/development-and-publishing-agreement-D5190","https://templates.business-in-a-box.com/imgs/250px/5190.png",{"label":40,"url":41,"thumb":42,"extension":10},"Web Site Development and Service Agreement","/template/web-site-development-and-service-agreement-D5181","https://templates.business-in-a-box.com/imgs/250px/5181.png",{"label":44,"url":45,"thumb":46,"extension":10},"Joint Development Agreement Standard","/template/joint-development-agreement-standard-D887","https://templates.business-in-a-box.com/imgs/250px/887.png",{"label":48,"url":49,"thumb":50,"extension":10},"Development Agreement General","/template/development-agreement-general-D789","https://templates.business-in-a-box.com/imgs/250px/789.png",{"label":52,"url":53,"thumb":54,"extension":10},"Website Development Agreement","/template/website-development-agreement-D14084","https://templates.business-in-a-box.com/imgs/250px/14084.png",{"label":56,"url":57,"thumb":58,"extension":10},"Video Game Development Agreement","/template/video-game-development-agreement-D14078","https://templates.business-in-a-box.com/imgs/250px/14078.png",{"label":60,"url":61,"thumb":62,"extension":10},"Multimedia Development and License Agreement","/template/multimedia-development-and-license-agreement-D5175","https://templates.business-in-a-box.com/imgs/250px/5175.png",{"label":64,"url":65,"thumb":66,"extension":10},"Custom Software Development Agreement","/template/custom-software-development-agreement-D787","https://templates.business-in-a-box.com/imgs/250px/787.png",{"label":68,"url":69,"thumb":70,"extension":10},"Software Development and Publishing Agreement","/template/software-development-and-publishing-agreement-D802","https://templates.business-in-a-box.com/imgs/250px/802.png",{"label":72,"url":73,"thumb":74,"extension":10},"Software Development and License Agreement","/template/software-development-and-license-agreement-D801","https://templates.business-in-a-box.com/imgs/250px/801.png",{"label":76,"url":77,"thumb":78,"extension":10},"Software Development and Consulting Services Agreement","/template/software-development-and-consulting-services-agreement-D800","https://templates.business-in-a-box.com/imgs/250px/800.png",{"label":80,"url":81,"thumb":82,"extension":10},"Source Code Trust Agreement Development","/template/source-code-trust-agreement-development-D812","https://templates.business-in-a-box.com/imgs/250px/812.png",{"description":84,"descriptionCustom":6,"label":85,"pages":86,"size":9,"extension":10,"preview":87,"thumb":88,"svgFrame":89,"seoMetadata":90,"parents":92,"keywords":96,"url":97},"MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding (\"MOU\"), is made and entered into as of [EFFECTIVE DATE], BETWEEN: [PARTY A] (the \"Company\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [PARTY B] (PARTNER/RESELLER], an individual with his main address located at [SPECIFY] OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] PURPOSE AND SCOPE The purpose of this MOU is to clearly identify the roles and responsibilities of each party as they relate to [ SPECIFY]. In particular, this MOU in intended to [SPECIFY OR DESCRIBE THE WAY IN WHICH THE PARTIES WILL COLLABORATE]. BACKGROUND [Brief description of the parties involved in the MOU with mention of any current/historical ties to this project] [PARTY A] RESPONSIBILITIES UNDER THIS MOU [PARTY A] shall undertake the following activities: [SPECIFY AND EXPLAIN] [PARTY B] RESPONSIBILITIES UNDER THIS MOU [Party B] shall undertake the following activities: [SPECIFY AND EXPLAIN] UNDERSTANDINGS","Memorandum of Understanding","2","https://templates.business-in-a-box.com/imgs/1000px/memorandum-of-understanding-D12548.png","https://templates.business-in-a-box.com/imgs/250px/12548.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12548.xml",{"title":91,"description":6},"memorandum of understanding",[93,95],{"label":18,"url":94},"business-legal-agreements",{"label":18,"url":94},"memorandum understanding","/template/memorandum-of-understanding-D12548",{"description":99,"descriptionCustom":6,"label":100,"pages":101,"size":9,"extension":10,"preview":102,"thumb":103,"svgFrame":104,"seoMetadata":105,"parents":107,"keywords":106,"url":112},"NON-DISCLOSURE AGREEMENT (NDA) This Non-Disclosure Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Disclosing Party\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [RECEIVING PARTY NAME] (the \"Receiving Party\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS, Receiving Party has been or will be engaged in the performance of work on [DESCRIBE]; and in connection therewith will be given access to certain confidential and proprietary information; and WHEREAS, Receiving Party and Disclosing Party wish to evidence by this Agreement the manner in which said confidential and proprietary material will be treated. NOW, THEREFORE, it is agreed as follows: NON-DISCLOSURE OF CONFIDENTIAL INFORMATION Both Parties understand and agree that each Party may have access to the confidential information of the other party. For the purposes of this Agreement, \"Confidential Information\" means proprietary and confidential information about the Disclosing Party's (or it's suppliers') business or activities. Such information includes all business, financial, technical, and other information marked or designated by such Party as \"confidential\" or \"proprietary.\" Confidential Information also includes information which, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential. For the purposes of this Agreement, Confidential Information does not include: Information that is currently in the public domain or that enters the public domain after the signing of this Agreement. Information a Party lawfully receives from a third Party without restriction on disclosure and without breach of a non-disclosure obligation. Information that the Receiving Party knew prior to receiving any Confidential Information from the Disclosing Party. Information that the Receiving Party independently develops without reliance on any Confidential Information from the Disclosing Party. Each Party agrees that it will not disclose to any third Party or use any Confidential Information disclosed to it by the other Party except when expressly permitted in writing by the other Party. Each Party also agrees that it will take all reasonable measures to maintain the confidentiality of all Confidential Information of the other Party in its possession or control. TERM The term of this Agreement is [number] of [years/months] from the date of execution by both Parties. TITLE The Receiving Party agrees that all Confidential Information furnished by the Disclosing Party shall remain the sole property of the Disclosing Party. DISCLAIMER","Non Disclosure Agreement Nda","3","https://templates.business-in-a-box.com/imgs/1000px/non-disclosure-agreement-nda-D12692.png","https://templates.business-in-a-box.com/imgs/250px/12692.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12692.xml",{"title":106,"description":6},"non disclosure agreement nda",[108,109],{"label":18,"url":94},{"label":110,"url":111},"Confidentiality Agreements","confidentiality-agreement","/template/non-disclosure-agreement-nda-D12692",{"description":114,"descriptionCustom":6,"label":115,"pages":116,"size":117,"extension":10,"preview":118,"thumb":119,"svgFrame":120,"seoMetadata":121,"parents":122,"keywords":125,"url":126},"JOINT VENTURE AGREEMENT This Joint Venture Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"First Joint Venturer\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SECOND JOINT VENTURER NAME] (the \"Second Joint Venturer\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] This Agreement is entered by First Joint Venturer and Second Joint Venturer, herein after collectively referred to as the \"Joint Venturers\", for the purpose of performing: [DESCRIBE JOINT VENTURE]. WITNESSETH: WHEREAS, the parties are desirous of forming a Joint Venture (the \"Venture\"), under the laws of the [State/Province] of [STATE/PROVINCE] by execution of this Agreement for the purposes set forth herein and are desirous of fixing and defining between themselves their respective responsibilities, interests, and liabilities in connection with the performance of the before mentioned project; and NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the Parties herein agree to constitute themselves as Joint Venturers, henceforth, \"Venturers\" for the purposes before mentioned, and intending to be legally bound hereby, the parties hereto, after first being duly sworn, do covenant, agree and certify as follows: DEFINITIONS \"Affiliate\" shall refer to (i) any person directly or indirectly controlling, controlled by or under common control with another person, (ii) any person owning or controlling 10% or more of the outstanding voting securities of such other person, (iii) any officer, director or other partner of such person and (iv) if such other person is an officer, director, joint Venturer or partner, any business or entity for which such person acts in any such capacity. \"Venturers\" shall refer to [VENTURE NAME] Inc., and any successor(s) as may be designated and admitted to the Venture. \"Internal Revenue Code\", \"Code\" or \"I.R.C.\" shall refer to the current and applicable Internal Revenue Code. \"Net Profits and Net Losses\" means the taxable income and loss of the Venture, except as follows: [DESCRIBE] The \"Book\" value of an asset shall be substituted for its adjusted tax basis if the two differ, but otherwise Net Profits and Net Losses shall be determined in accordance with federal income tax principles. \"Project\" shall refer to that certain [DESCRIBE] project known as [NAME]. \"Treasury Regulations\" shall refer to those regulations promulgated by the Department of the Treasury with respect to certain provision of Internal Revenue Code. \"Percentage of Participation\" shall refer to that figure set forth in Exhibit A. FORMATION, NAME, AND PRINCIPLE PLACE OF BUSINESS Formation (a) The Venturers do hereby form a joint venture pursuant to the laws of the State of [STATE/PROVINCE] in order for the Venture to carry on the purposes for which provision is made herein. (b) The Ventures shall execute such certificates as may be required by the laws of the [State/Province] of [STATE/PROVINCE] or of any other state in order for the Venture to operate its business and shall do all other acts and things requisite for the continuation of the Venture as a joint venture pursuant to applicable law. Name The Name and style under which the Venture shall be conducted is: [DESCRIBE]. Principal place of business The Venture shall maintain its principal place of business at [FULL ADDRESS]. The Venture may re-locate its office from time to time or have additional offices as the Venturers may determine. PURPOSE OF THE JOINT VENTURE The business of the Venture shall be to perform: [DESCRIBE], a project having the Contract # , being entitled, and being in a dollar amount of [AMOUNT], in accordance with the contract documents for the Project and all such other business incidental to the general purposes herein set forth. TERM The term of the Venture shall commence as of the date hereof and shall be terminated and dissolved upon the earliest to occur of: (i) completion of the Project and receipt of all sums due the Venture by the Owner, [OWNER NAME] pursuant thereto and payment of all laborers and material men employed by the Venture in connection with the project; (ii) [DATE]; (iii) the unanimous agreement of the Ventures; or (iv) the order of a court of competent jurisdiction. PERCENTAGE OF PARTICIPATION Description Except as otherwise provided in sections 6.0 and 9.0 hereof, the interest of the Parties in any gross profits and their respective shares in any losses and/or liabilities that may result from the filing of a joint bid and/or the performance of the Construction Contract, and their interests in all property and equipment acquired and all money received in connection with the performance of the Contract shall be as follows: [Name Joint Venture Partner Percentage] Losses The Parties agree that in the event any losses arise out of or results from the performance of the Project, each Venturer shall assume and pay the share of the losses that is equal to the percentage of participation. Liabilities If for any reason, a Venturer sustains any liabilities or is required to pay any losses arising out of or directly connected with the Project, or the execution of any surety bonds or indemnity agreements in connection therewith, which are in excess of its Percentage of Participation, in the Joint Venture, the other Venturer shall promptly reimburse such Venturer this excess, so that each and every member of the Joint Venturer will then have paid its proportionate share of such losses to the full extent of its Percentage of Participation. Indemnities The Venturers agree to indemnify each other and to hold the other harmless from, any and all losses of the Joint Venture that are in excess of such other Venturer's Percentage of Participation. Provided that the provisions of this subsection shall be limited to losses that are directly connected with or arise out of the performance of the Project and/or the execution of any bonds or indemnity agreements in connection therewith and shall not be relate to or include any incidental, indirect or consequential losses that may be sustained or suffered by a Party. Duration The Parties shall from time to time execute such bonds and indemnity agreements, including applications there and other documents that may be necessary in connection with the performance of the Project. Provided however, that the liability of each of the Parties under any agreements to indemnify a surety company or surety companies shall be limited to the percentage of the total liability assumed by all the Parties under such indemnity agreements that is equal to the Party's Percentage of Participation. Initial contribution of the venture (a) The Venturers shall contribute the Property to the Venture and their Capital Account shall each be credited with the appropriate value of such contribution in accordance with their Venture interests. (b) Except as otherwise required by law or this Agreement, the Venturers shall not be required to make any further capital contributions to the Venture. Venture interests Upon execution of this Agreement, the Venturers shall each own the following interests in the Venture: Joint Venture Partner Percentage Return of capital contributions (a) No Venturer shall have the right to withdraw his capital contributions or demand or receive the return of his capital contributions or any part thereof, except as otherwise provided in this Agreement. (b) The Venturers shall not be personally liable for the return of capital contributions or any part thereof, except as otherwise provided in this Agreement. (c) The Venture shall not pay interest on capital contributions of any Venturer.","Joint Venture Agreement","7",70,"https://templates.business-in-a-box.com/imgs/1000px/joint-venture-agreement-D889.png","https://templates.business-in-a-box.com/imgs/250px/889.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#889.xml",{"title":6,"description":6},[123,124],{"label":18,"url":94},{"label":18,"url":94},"joint venture agreement","/template/joint-venture-agreement-D889",{"description":128,"descriptionCustom":6,"label":129,"pages":130,"size":9,"extension":10,"preview":131,"thumb":132,"svgFrame":133,"seoMetadata":134,"parents":136,"keywords":135,"url":139},"SERVICE AGREEMENT This SERVICE AGREEMENT (\"Agreement\") is effective [DATE], BETWEEN: [COMPANY NAME] (the \"Contractor\"), a company organized and existing under the laws of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [COMPANY NAME] (the \"Customer\"), a company organized and existing under the laws of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] (The Contractor and the Customer shall be individually referred to as a \"Party\" and collectively referred to as the \"Parties\", as the context may require). WHEREAS A. Contractor has experience and expertise in [DESCRIBE EXPERIENCE AND SERVICE]. B. Customer desires to have Contractor provide services for them. C. Contractor desires to provide services to Customer on the terms and conditions set forth herein (the \"Services\"). NOW THEREFORE, in consideration of the above recitals, the representations, warranties, and agreements contained in this Agreement and for other good and valuable consideration, the receipt and adequacy of which are now acknowledged, the Parties agree as follows: SERVICES PROVIDED Beginning on upon agreement to this contract, [CONTRACTOR] will provide to [CUSTOMER] the following service (collectively, the /Services\"): Description of the project: [DESCRIBE THE SERVICE REQUIRED]. SCOPE OF WORK Contractor agrees to provide Services pursuant to the Scope of Work set forth in Exhibit A attached hereto (the \"Scope of Work\"). TERM Unless both parties mutually agree on an extension, this contract will automatically terminate on [SPECIFY]. PERFORMANCE The parties agree to do everything possible to ensure that the terms of this Agreement take effect. PAYMENT FOR SERVICES In exchange for the Services rendered, a payment of [SPECIFY] will be made to the Contractor upon completion of the scheduled Services described in this Contract. If an invoice is not paid on the due date, interest will be added to the current balance. These amounts shall be payable, and the Customer shall pay all overdue amounts at the lesser of [SPECIFY] per cent per annum or the maximum percentage permitted by applicable law. Or Customer will pay Contractor as follows: [SPECIFY]. DELIVERY OF SERVICES The Contractor will exercise due diligence in the provision of services. However, the Customer acknowledges that the indicated delivery times and other payment milestones listed in Scope of Work are estimates and do not constitute final delivery dates. SECURITY The Contractor must make reasonable security arrangement to protect Material from unauthorized access, collection, use, alteration or disposal. OWNERSHIP RIGHT The Customer shall hold the copyright for the agreed version of the Services as delivered, and the Customer's copyright notice may be displayed in the final version. All works, ideas, discoveries, inventions, patents, products or other information that may be protected by copyright (collectively, the \"Work Product\" developed in whole or in part by the Contractor in connection with the Services, shall be the exclusive property of the Customer. Upon request, the Contractor shall execute all documents necessary to confirm or perfect the exclusive ownership of the Customer's \"Work Product\". The Contractor retains exclusive rights to pre-existing materials used in the Customer's projects. The Customer shall not have the right to reuse, resell or otherwise transfer material belonging to the contractor or third parties. The Contractor reserves the right to use the finished public product as an example of a product. RETURN OF PROPERTY Upon the expiry or termination of this Agreement, the Contractor will return to the Customer any property, documentation, records or Confidential Information which is the property of the Customer. COMPENSATION For all services rendered by the Contractor under this Agreement, the Customer shall indemnify the Contractor. In the event that the Customer fails to make any of the payments mentioned, the Contractor shall have the right, but shall not be obliged, to exercise any of the following remedies: ","Service Agreement","6","https://templates.business-in-a-box.com/imgs/1000px/service-agreement-D12711.png","https://templates.business-in-a-box.com/imgs/250px/12711.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12711.xml",{"title":135,"description":6},"service agreement",[137,138],{"label":18,"url":94},{"label":18,"url":94},"/template/service-agreement-D12711",{"description":141,"descriptionCustom":6,"label":142,"pages":101,"size":9,"extension":10,"preview":143,"thumb":144,"svgFrame":145,"seoMetadata":146,"parents":148,"keywords":151,"url":152},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: LETTER OF INTENT-ACQUISITION OF BUSINESS Dear [CONTACT NAME]: This letter (\"Letter of Intent\") sets forth the basic preliminary terms between the Buyer or his nominee and yourselves regarding the purchase of the [SPECIFY] business (the \"Business\") carried on by yourselves. Except as specifically set forth herein, this Letter of Intent shall not constitute an agreement between the parties and no agreement shall be deemed to exist until execution of a definitive purchase agreement. It is proposed that Buyer will acquire certain assets of the Business which Buyer believes to be necessary to the future of the Business, including the warehouse in [CITY/STATE] in which [COMPANY NAME] the Company has invested [AMOUNT] in cash and which has been financed by a mortgage loan of approximately [AMOUNT] granted by the [SPECIFY COMPANY] [CITY/STATE]. Buyer understands that the said warehouse has no other charges or liabilities affecting it other than the said mortgage loan. Buyer may either purchase the warehouse outright or enter into a lease-purchase or instalment transfer of ownership which is satisfactory to both parties. The gross purchase price for the said warehouse will be [AMOUNT]. Buyer may purchase or lease barrels and other equipment currently owned by the Company which are necessary to operate the Business, on a cash or instalment basis agreeable to both parties. The specific assets to be purchased and the amounts to be paid by Buyer in connection with this transaction remain to be negotiated by the parties. This Letter of Intent also evidences the intentions of the parties with respect to the following agreements: Buyer will enter into a [NUMBER]-year employment agreement with [COMPANY NAME], providing for the Company will be responsible for the purchase of [SPECIFY] for Buyer. The agreement will contain the customary terms and conditions found in employment agreements in similar transactions and will provide for the usual non-competition and non-solicitation covenants to be entered into by the Company in favour of Buyer. It is expressly understood that if the contemplated transaction is consummated, the aggregate amount of commission paid or payable to yourselves (net of reasonable expenses acceptable to Buyer) in respect of all purchases of [SPECIFY] made through you from the date of this Letter of Intent to the date of closing, with the exception of commissions earned on the [NUMBER] truckloads of [SPECIFY] to be delivered to Buyer during the week of [DATE] to [DATE], will be applied against remuneration payable to the Company in the first year of his employment agreement. If the contemplated transaction is not consummated, all such commissions paid or payable will be treated as commissions. Buyer will enter into a [NUMBER]-year employment agreement with [EMPLOYEE NAME], providing for the payment of a gross base salary of [ANNUAL SALARY] per year, to be paid weekly, subject to annual review. [EMPLOYEE NAME] will be President of the Business and the employment agreement will provide for health benefits, automobile, expenses and bonus arrangements","Letter of Intent_Acquisition of Business","https://templates.business-in-a-box.com/imgs/1000px/letter-of-intent_acquisition-of-business-D5197.png","https://templates.business-in-a-box.com/imgs/250px/5197.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#5197.xml",{"title":147,"description":6},"letter of intent_acquisition of business",[149,150],{"label":18,"url":94},{"label":18,"url":94},"letter intent_acquisition business","/template/letter-of-intent_acquisition-of-business-D5197",{"description":154,"descriptionCustom":6,"label":155,"pages":8,"size":9,"extension":10,"preview":156,"thumb":157,"svgFrame":158,"seoMetadata":159,"parents":161,"keywords":160,"url":166},"PARTNERSHIP AGREEMENT This Partnership Agreement (\"Agreement\") is made and effective this [Date], BETWEEN: [YOUR COMPANY NAME] (the \"First Partner\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTNER NAME] (the \"Second Partner\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] RECITALS Partners desire to join together for the pursuit of common business goals. Partners have considered various forms of joint business enterprises for their business activities. Partners desire to enter into a partnership agreement as the most advantageous business form for their mutual purposes. The parties hereto agree to form a limited partnership (the \"Partnership\") under [LAW, CODE OR ACT]. In consideration of the mutual promises contained in this agreement, partners agree as follows: NAME AND DOMICILE The name of the partnership shall be [name]. The principal place of business shall be at [address], [city], [state/province], unless relocated by consent of the partners. Purposes Subject to the limitations set forth in this Agreement, the purposes of the Partnership are to engage in the business of [DESCRIBE ACTIVITIES]; and to conduct other activities as may be necessary or incidental to or desirable in connection with the foregoing. DURATION OF AGREEMENT The term of this agreement shall be for [number] years, commencing on [date], and terminating on [date], unless sooner terminated by mutual consent of the parties or by operation of the provisions of this agreement. CLASSIFICATION AND PERFORMANCE BY PARTNERS Partners shall be classified as active partners, advisory partners, or estate partners. An active partner may voluntarily become an advisory partner, may be required to become one irrespective of age, and shall automatically become one after attaining the age of [age] years, and in each case shall continue as such for [number] years unless the partner sooner withdraws or dies. If an active partner dies, the partner's estate will become an estate partner for [number] years. If an advisory partner dies within [Number] years of having become an advisory partner, the partner will become an estate partner for the balance of the [number]-year period. Only active partners shall have any vote in any partnership matter. At the time of the taking effect of this partnership agreement, all the partners shall be active partners except [name] and [name], who shall be advisory partners. An active partner, after attaining the age of [age] years, or prior to that age if the [executive committee or as the case may be] with the approval of [two-thirds or as the case may be] of all the other active partners determines that the reason for the change in status is bad health, may become an advisory partner at the end of any calendar month on giving [number] calendar months' prior notice in writing of the partner's intention to do so. The notice shall be deemed to be sufficient if sent by registered mail addressed to the partnership at its principal office at [address], [city], [state/province] not less than [number] calendar months prior to the date when the change is to become effective. Any active partner may at any age be required to become an advisory partner at any time if the [executive committee or as the case may be] with the approval of [two-thirds or as the case may be] of the other active partners shall decide that the change is for any reason in the best interests of the partnership, provided notice of the decision shall be given in writing to the partner. The notice shall be signed by the [chairman or as the case may be] of the [executive committee or as the case may be] or, in the event of his or her being unable to sign at the time, by another member of the [executive committee or as the case may be]. The notice shall be served personally on the partner required to change his or her status or mailed by registered mail to the partner's last known address. Change of the partner's status shall become effective as of the date specified in the notice. Every active partner shall automatically and without further act become an advisory partner at the end of the fiscal year in which the partner's birthday occurs. In the event that an active partner becomes an advisory partner or dies, the partner or the partner's estate shall be entitled to the following payments at the following times: [describe] Each active partner shall apply all of the partner's experience, training, and ability in discharging the partner's assigned functions in the partnership and in the performance of all work that may be necessary or advantageous to further the business interests of the partnership. CONTRIBUTION Each partner shall contribute [amount] on or before [date] to be used by the partnership to establish its capital position. Any additional contribution required of partners shall only be determined and established in accordance with Article Nineteen. MANAGEMENT OF THE PARTNERSHIP The Partnership shall be managed by [SPECIFY]. Subject to the limitations specifically contained in this Agreement, [PARTY MANAGING THE PARTNERSHIP] shall have the full, exclusive and absolute right, power and authority to manage and control the Partnership and the property, assets and business thereof. [PARTY MANAGING THE PARTNERSHIP] shall have all of the rights, powers and authority conferred by law or under other provisions of this Agreement. Without limiting the generality of the foregoing, such powers include the right on behalf of the Partnership, in [PARTY MANAGING THE PARTNERSHIP]' sole discretion, to: Acquire, purchase, renovate, improve, and own any property or assets necessary or appropriate or in the best interests of the business of the Partnership, and to acquire options for the purchase of any such property; Borrow money, issue evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any indebtedness or obligation of the Partnership, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on Partnership assets; Sue on, defend or compromise any and all claims or liabilities in favor of or against the Partnership and to submit any or all such claims or liabilities to arbitration; File applications, communicate and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership's assets or any part thereof or any other aspect of the Partnership business; Retain services of any kind or nature in connection with the Partnership business, and to pay therefore such remuneration deem reasonable and proper; and Perform any and all other acts deem necessary or appropriate to the Partnership business. TRANSFER OF PARNERSHIP INTERESTS Restrictions on Transfer None of the Partners shall sell, assign, transfer, mortgage, encumber, or otherwise dispose of the whole or part of that Partner's interest in the Partnership, and no purchaser or other transferee shall have any rights in the Partnership as an assignee or otherwise with respect to all or any part of that Partnership interest attempted to be sold, assigned, transferred, mortgaged, encumbered, or otherwise disposed of, unless and to the extent that the remaining Partner(s) have given consent to such sale, assignment, transfer, mortgage, or encumbrance, but only if the transferee forthwith assumes and agrees to be bound by the provisions of this Agreement and to become a Partner for all purposes hereof, in which event, such transferee shall become a substituted partner under this Agreement.","Partnership Agreement","https://templates.business-in-a-box.com/imgs/1000px/partnership-agreement-D12551.png","https://templates.business-in-a-box.com/imgs/250px/12551.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12551.xml",{"title":160,"description":6},"partnership agreement",[162,163],{"label":18,"url":94},{"label":164,"url":165},"Partnership Agreements","partnership-agreement","/template/partnership-agreement-D12551",false,{"seo":169,"reviewer":180,"legal_disclaimer":184,"quick_facts":185,"at_a_glance":187,"personas":191,"variants":216,"glossary":245,"clauses":279,"how_to_fill":330,"common_mistakes":371,"faqs":396,"industries":424,"comparisons":449,"diy_vs_lawyer":464,"jurisdictions":477,"related_template_ids_curated":498,"schema":510,"classification":511},{"meta_title":170,"meta_description":171,"primary_keyword":172,"secondary_keywords":173},"Economic Development Agreement Template (Free Word)","Free economic development agreement template covering incentives, performance milestones, clawback provisions, and governing terms. Used in 190+ countries. Free Word and PDF download.","economic development agreement template",[15,174,175,176,177,178,179],"economic development incentive agreement","business incentive agreement template","tax incentive agreement template","government grant agreement template","economic development contract","business development agreement template word",{"name":181,"credential":182,"reviewed_date":183},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":186,"legal_review_recommended":184,"signature_required":184,"notarization_required":167},"advanced",{"what_it_is":188,"when_you_need_it":189,"whats_inside":190},"An Economic Development Agreement is a binding legal contract between a government entity — typically a city, county, or regional authority — and a private business, in which the government commits to providing financial incentives (tax abatements, grants, infrastructure investment, or fee waivers) in exchange for specific economic commitments from the business, such as job creation, capital investment, or facility construction. This free Word download gives you a structured, attorney-reviewed starting point you can edit online and export as PDF to support negotiations with local or regional development authorities.\n","Use it when a business is negotiating incentive packages with a municipality or economic development corporation prior to a site selection decision, facility expansion, relocation, or major capital investment project. It is also used by government entities formalizing the terms under which public incentives will be awarded.\n","Parties and recitals, definitions, incentive commitments from the government, business performance obligations and milestones, clawback and repayment provisions, compliance and reporting requirements, default and cure procedures, term and termination, and governing law and dispute resolution.\n",[192,196,200,204,208,212],{"title":193,"use_case":194,"icon_asset_id":195},"Corporate real estate and site selection teams","Formalizing incentive packages before committing to a new facility location","persona-corporate-real-estate",{"title":197,"use_case":198,"icon_asset_id":199},"Economic development officers","Documenting public incentive commitments and performance benchmarks for a private employer","persona-government-official",{"title":201,"use_case":202,"icon_asset_id":203},"CFOs and finance directors","Securing tax abatements and grants that reduce the capital cost of a major expansion","persona-cfo",{"title":205,"use_case":206,"icon_asset_id":207},"Manufacturing and industrial companies","Negotiating job-creation incentives tied to a new plant or distribution center","persona-manufacturer",{"title":209,"use_case":210,"icon_asset_id":211},"Startup founders and growth-stage CEOs","Accessing local economic development grants or enterprise zone benefits for a new headquarters","persona-startup-founder",{"title":213,"use_case":214,"icon_asset_id":215},"Attorneys and economic development consultants","Drafting or reviewing incentive agreements on behalf of corporate clients in site selection transactions","persona-attorney",[217,221,225,229,233,237,241],{"situation":218,"recommended_template":219,"slug":220},"Company receiving a direct cash grant tied to job creation targets","Economic Development Grant Agreement","economic-development-agreement-D13006",{"situation":222,"recommended_template":223,"slug":224},"Municipality offering a multi-year property tax abatement","Tax Abatement Agreement","tax-compliance-policy-D13786",{"situation":226,"recommended_template":227,"slug":228},"State or province providing a forgivable loan for capital investment","Forgivable Loan Agreement","loan-agreement-D417",{"situation":230,"recommended_template":231,"slug":232},"Business locating in a designated enterprise or opportunity zone","Enterprise Zone Incentive Agreement","incentive-agreement-D13226",{"situation":234,"recommended_template":235,"slug":236},"Public-private partnership for infrastructure or facility development","Public-Private Partnership Agreement","partnership-agreement-D12551",{"situation":238,"recommended_template":239,"slug":240},"Government providing workforce training funds to a private employer","Workforce Development Agreement","development-and-publishing-agreement-D5190",{"situation":242,"recommended_template":243,"slug":244},"Company seeking tax increment financing for a redevelopment project","Tax Increment Financing Agreement","financing-agreement-D877",[246,249,252,255,258,261,264,267,270,273,276],{"term":247,"definition":248},"Tax Abatement","A full or partial reduction of property or business taxes granted by a government authority for a defined period as an incentive for investment or job creation.",{"term":250,"definition":251},"Clawback Provision","A clause requiring the business to repay some or all received incentives if it fails to meet agreed performance commitments within the specified timeframe.",{"term":253,"definition":254},"Performance Milestone","A specific, measurable commitment — such as creating 150 full-time jobs by December 31, Year 3 — that the business must achieve to retain incentive benefits.",{"term":256,"definition":257},"Forgivable Loan","A loan from a government entity that is forgiven — requires no repayment — if the business fulfills its performance obligations under the agreement.",{"term":259,"definition":260},"Capital Investment Commitment","The minimum dollar amount of private capital the business agrees to invest in facilities, equipment, or infrastructure as a condition of receiving incentives.",{"term":262,"definition":263},"Compliance Period","The duration — typically 5 to 10 years — during which the business must maintain its performance commitments and submit to monitoring by the government entity.",{"term":265,"definition":266},"Qualified Jobs","Full-time positions meeting defined criteria — minimum wage threshold, benefits eligibility, or residency requirements — that count toward job creation commitments.",{"term":268,"definition":269},"Default and Cure Period","A mechanism allowing the business a defined number of days — typically 30 to 90 — to remedy a failure to meet performance obligations before clawback is triggered.",{"term":271,"definition":272},"Tax Increment Financing (TIF)","A public financing method that captures future increases in property tax revenue generated by a development project and redirects them to fund the project's costs.",{"term":274,"definition":275},"Enterprise Zone","A geographically defined area designated by a government authority where businesses receive special tax benefits or incentives to stimulate economic activity.",{"term":277,"definition":278},"Annual Compliance Report","A written certification submitted by the business each year documenting its job count, capital investment, and other metrics required under the agreement.",[280,285,290,295,300,305,310,315,320,325],{"name":281,"plain_english":282,"sample_language":283,"common_mistake":284},"Parties, recitals, and definitions","Identifies the government entity and the business as legal parties, states the purpose and background of the agreement, and defines key terms used throughout.","This Economic Development Agreement ('Agreement') is entered into as of [DATE] by and between the [CITY/COUNTY NAME], a [STATE] municipal corporation ('Government'), and [COMPANY LEGAL NAME], a [STATE] [ENTITY TYPE] ('Company'). Recitals: The Government desires to promote economic growth within [JURISDICTION] and has determined that the Company's proposed [PROJECT DESCRIPTION] will advance that objective.","Using trade names instead of the full legal entity names for either party. Misidentified parties can render enforcement difficult and create ambiguity about which entity bears performance obligations.",{"name":286,"plain_english":287,"sample_language":288,"common_mistake":289},"Government incentive commitments","States precisely what the government is providing — tax abatements, grants, infrastructure, fee waivers, or forgivable loans — with exact dollar amounts, duration, and conditions.","Subject to the terms herein, Government agrees to provide Company: (a) a property tax abatement of [X]% for [Y] years on the Facility, valued at approximately $[AMOUNT]; (b) a one-time infrastructure grant of $[AMOUNT] for [PURPOSE]; and (c) waiver of building permit fees not to exceed $[AMOUNT].","Describing incentives in general terms without specifying dollar amounts, percentages, or duration. Vague incentive language leads to disputes over what was actually promised and can make the agreement unenforceable on its key commercial terms.",{"name":291,"plain_english":292,"sample_language":293,"common_mistake":294},"Business performance obligations","Sets out the specific, measurable commitments the business must fulfill — job creation numbers, wage floors, capital investment amounts, and construction timelines.","Company agrees to: (a) create no fewer than [NUMBER] Qualified Jobs within [JURISDICTION] by [DATE], each paying a minimum annual salary of $[AMOUNT]; (b) invest no less than $[AMOUNT] in capital improvements at the Facility by [DATE]; and (c) commence construction no later than [DATE] and achieve substantial completion by [DATE].","Setting performance obligations without defining what counts as a 'qualified job.' Disagreements over whether part-time, contracted, or transferred positions satisfy job creation commitments are among the most common disputes in economic development agreements.",{"name":296,"plain_english":297,"sample_language":298,"common_mistake":299},"Compliance period and reporting requirements","Defines how long the business must maintain performance and requires it to submit regular reports — typically annual certifications — documenting job counts, wages, and capital investment.","Company shall maintain its performance obligations throughout the Compliance Period of [X] years commencing on [DATE]. No later than [DATE] of each calendar year, Company shall deliver to Government a written Annual Compliance Report certifying current employment levels, average wages, and cumulative capital investment, accompanied by supporting payroll records and construction cost documentation.","Not specifying who within each party is responsible for reviewing compliance reports or what happens if a report is late. An undefined review process means non-compliance can go undetected for years.",{"name":301,"plain_english":302,"sample_language":303,"common_mistake":304},"Clawback and repayment provisions","States what incentives must be repaid, and in what amount, if the business fails to meet its performance commitments — often on a pro-rata sliding scale.","If Company fails to meet any Performance Milestone by the applicable deadline, Government may require repayment of incentives on a pro-rata basis as follows: 100% if failure occurs in Years 1–2; [X]% in Years 3–4; [X]% in Years 5–[Y]. Repayment shall be due within [X] days of Government's written demand.","All-or-nothing clawback language with no sliding scale. Binary repayment provisions — where a company that misses its job target by 5% must repay 100% of incentives — are often challenged as penalties and create adversarial dynamics that undermine the agreement's purpose.",{"name":306,"plain_english":307,"sample_language":308,"common_mistake":309},"Default, notice, and cure","Defines what constitutes a default, requires the non-defaulting party to provide written notice, and gives the defaulting party a defined period to remedy the default before consequences are triggered.","A 'Default' shall mean Company's failure to fulfill any Performance Obligation or submit any required report within the time specified. Government shall provide written notice of Default. Company shall have [30/60/90] days from receipt of such notice (the 'Cure Period') to remedy the Default. If Company fails to cure within the Cure Period, Government may pursue clawback and any other available remedies.","No cure period at all, or a cure period so short (5–10 days) that it provides no meaningful opportunity to address the default. Courts in many jurisdictions treat unreasonably short cure periods as evidence of bad faith.",{"name":311,"plain_english":312,"sample_language":313,"common_mistake":314},"Term and termination","States when the agreement begins and ends, and the conditions under which either party may terminate early — including material breach, insolvency, or change of control.","This Agreement shall commence on [DATE] and expire on [DATE] unless terminated earlier pursuant to this Section. Either party may terminate upon [X] days' written notice following an uncured Default. Government may terminate immediately upon Company's insolvency, assignment for benefit of creditors, or sale of substantially all assets without Government's prior written consent.","Omitting a change-of-control provision. If the business is acquired by an entity that relocates operations out of the jurisdiction, the government has no mechanism to trigger clawback unless the agreement expressly addresses it.",{"name":316,"plain_english":317,"sample_language":318,"common_mistake":319},"Representations and warranties","Each party confirms that it has authority to enter the agreement, that its representations about its financial condition and plans are accurate, and that execution does not violate other agreements.","Company represents and warrants that: (a) it is duly organized and in good standing under the laws of [STATE]; (b) it has full authority to execute this Agreement; (c) the execution and performance of this Agreement does not conflict with any existing obligation; and (d) the financial projections and employment data provided to Government in connection with this Agreement are accurate in all material respects.","One-sided representations that only bind the company. Government entities should also warrant their authority to grant the incentives promised — particularly where council or legislative approval is required.",{"name":321,"plain_english":322,"sample_language":323,"common_mistake":324},"Assignment and change of control","Restricts the business from assigning its rights or obligations under the agreement — or transferring the facility — without the government's prior written consent, and specifies what happens upon a merger or acquisition.","Company shall not assign this Agreement or transfer the Facility without Government's prior written consent, not to be unreasonably withheld. Any Change of Control — defined as a transfer of more than [50]% of Company's equity or substantially all of its assets — shall constitute a deemed assignment requiring Government approval within [X] days of the transaction's closing.","Treating assignment and change of control as identical. A stock purchase that transfers ownership without an asset transfer will not trigger a standard assignment clause — the change-of-control definition must address equity transfers explicitly.",{"name":326,"plain_english":327,"sample_language":328,"common_mistake":329},"Governing law and dispute resolution","Specifies the jurisdiction whose laws govern the agreement and how disputes are resolved — typically mediation first, then litigation in a named court, since government entities generally cannot agree to binding private arbitration.","This Agreement shall be governed by the laws of the State of [STATE]. Any dispute arising hereunder shall first be submitted to non-binding mediation administered by [MEDIATION PROVIDER] in [CITY]. If mediation does not resolve the dispute within [60] days, either party may pursue claims in the [COURT NAME], [COUNTY], [STATE], to whose jurisdiction the parties irrevocably consent.","Including a binding arbitration clause when one party is a government entity. Many states prohibit government entities from submitting public matters to private arbitration. Confirm whether your jurisdiction permits arbitration before including it.",[331,336,341,346,351,356,361,366],{"step":332,"title":333,"description":334,"tip":335},1,"Identify the parties with their full legal names","Enter the government entity's full official name (e.g., 'City of Springfield, a Missouri municipal corporation') and the business's registered legal name and entity type. Confirm both with the relevant government registry before execution.","Ask the government entity for the exact name and authorization level — some incentive agreements require county commission or city council approval and can only be signed by a specific officer.",{"step":337,"title":338,"description":339,"tip":340},2,"Describe the project and its economic rationale","Write a clear recitals section explaining what the business plans to build or expand, the estimated investment, and the economic benefit to the jurisdiction — jobs, tax base, or supply chain development. This context shapes how courts interpret ambiguous terms later.","Include specific numbers in the recitals — '$45M capital investment' and '200 full-time positions' — not general descriptions. Specifics in recitals help resolve disputes about the agreement's intent.",{"step":342,"title":343,"description":344,"tip":345},3,"Define each incentive with exact amounts and duration","List every incentive the government is providing — tax abatement percentage and term, grant amounts, infrastructure commitments, and fee waivers — with precise dollar values and start and end dates. Vague incentive language is the single biggest source of post-execution disputes.","Attach a separate Schedule A enumerating each incentive line item and its conditions. This prevents disputes about whether a verbal commitment was part of the deal.",{"step":347,"title":348,"description":349,"tip":350},4,"Set specific, measurable performance obligations","Define the job creation target (number of qualified jobs, minimum wage, and benefits threshold), capital investment minimum, construction timeline, and any other performance benchmarks. Define 'qualified job' precisely — full-time equivalent hours, minimum wage, and residency or benefits requirements.","Negotiate a modest buffer into job targets — committing to 200 jobs when the business plan projects 220 reduces clawback risk from normal hiring fluctuations.",{"step":352,"title":353,"description":354,"tip":355},5,"Draft the clawback schedule on a sliding scale","Build the repayment obligation as a pro-rata percentage that decreases over the compliance period — for example, 100% in Year 1 declining to 20% in Year 5. Attach the schedule as an exhibit so the calculation is unambiguous.","Mirror the clawback schedule to the incentive delivery schedule — if tax abatements are front-loaded, the early-year clawback should be higher.",{"step":357,"title":358,"description":359,"tip":360},6,"Specify reporting requirements and deadlines","State the form, content, and due date of each annual compliance report. Name the government contact who receives it, specify the supporting documentation required (payroll records, construction cost certifications), and set a deadline for the government to raise objections.","Include a deemed-approval clause: if the government does not raise an objection within 60 days of receiving a compliance report, the reported figures are accepted for that period.",{"step":362,"title":363,"description":364,"tip":365},7,"Address change of control and assignment","Define change of control broadly enough to capture equity sales as well as asset transfers, and specify whether government consent may be withheld at discretion or only on reasonable grounds. State what happens to incentives and clawback obligations if approval is granted.","Buyers in M&A transactions will scrutinize this clause — keep consent standards objective and define a clear timeline for government response (e.g., 30 days) to avoid deals being held up.",{"step":367,"title":368,"description":369,"tip":370},8,"Confirm governing law and execution authority before signing","Verify that the government official signing has legal authority to bind the entity — review any required council resolutions, enabling ordinances, or program guidelines. Confirm the governing state's rules on government contracting, including whether the agreement must be published or noticed.","Request a certified copy of the resolution or ordinance authorizing the government signatory to execute the agreement and attach it as an exhibit.",[372,376,380,384,388,392],{"mistake":373,"why_it_matters":374,"fix":375},"Vague incentive descriptions without dollar amounts","An agreement that promises 'significant tax relief' or 'infrastructure support' is not an enforceable commitment — courts cannot award damages for a benefit that was never quantified.","State every incentive with a specific dollar amount, percentage, and duration. Use a numbered schedule if the incentive package has multiple components.",{"mistake":377,"why_it_matters":378,"fix":379},"Undefined 'qualified job' criteria","Without a clear definition, the government and business will disagree on whether contractors, transferred employees, or part-time staff count toward the job target — disputes that routinely end in litigation or clawback demands.","Define qualified jobs by minimum hours per week (at least 35), minimum annual compensation, benefits eligibility, and whether the position must be held by a resident of the jurisdiction.",{"mistake":381,"why_it_matters":382,"fix":383},"Binary clawback with no sliding scale","Requiring 100% repayment for any shortfall — even missing a job target by 3% — exposes the agreement to challenge as a penalty clause and destroys the cooperative relationship the agreement is meant to create.","Build a pro-rata clawback schedule that decreases annually and proportionally mirrors the degree of non-performance, attached as a signed exhibit.",{"mistake":385,"why_it_matters":386,"fix":387},"No change-of-control clause","If the business is acquired by a company that relocates operations to another jurisdiction, the government loses the economic benefit it paid for and has no contractual mechanism to recover incentives.","Define change of control to include equity transfers of 50% or more, asset sales, and mergers. Require government consent and specify the effect on incentives and clawback obligations if the business relocates.",{"mistake":389,"why_it_matters":390,"fix":391},"Government signatory lacks authorization","An agreement signed by a city manager, mayor, or economic development director without the required legislative authorization — council vote, enabling ordinance, or program approval — may be void and unenforceable.","Before execution, obtain and attach the council resolution or enabling ordinance authorizing the specific incentive package and naming the authorized signatory.",{"mistake":393,"why_it_matters":394,"fix":395},"No deemed-approval mechanism for compliance reports","Without a deadline for the government to object to a compliance report, the business faces perpetual exposure to retroactive clawback claims — even for periods already reported and apparently accepted.","Include a provision that if the government does not raise a written objection within 60 days of receiving an annual compliance report, the reported figures are deemed accepted for that compliance period.",[397,400,403,406,409,412,415,418,421],{"question":398,"answer":399},"What is an economic development agreement?","An economic development agreement is a binding contract between a government entity — typically a city, county, or regional authority — and a private business in which the government provides financial incentives (tax abatements, grants, forgivable loans, or infrastructure) in exchange for the business committing to specific economic outcomes such as job creation, capital investment, or facility construction. It formalizes what would otherwise be informal promises and creates enforceable obligations on both sides.\n",{"question":401,"answer":402},"Who are the parties to an economic development agreement?","The parties are typically a government entity — a municipality, county, state or provincial agency, or economic development corporation — and a private business. In some structures, an economic development corporation acts as an intermediary between the government and the business. All parties must be identified by their full legal names, and each government signatory must have documented authorization to bind the entity.\n",{"question":404,"answer":405},"What types of incentives are typically included in an economic development agreement?","Common incentives include property tax abatements, cash grants, forgivable loans, tax increment financing, infrastructure investments (roads, utilities, or site preparation), building permit fee waivers, and enterprise zone tax credits. The specific incentives available depend on the jurisdiction's enabling legislation, budget, and economic development program guidelines.\n",{"question":407,"answer":408},"What is a clawback provision and how does it work?","A clawback provision requires the business to repay some or all of the incentives it received if it fails to meet its performance commitments — such as creating the required number of jobs or completing the capital investment on schedule. Best-practice clawback provisions operate on a sliding scale that reduces the repayment obligation over the compliance period and proportionally mirrors the degree of shortfall, rather than imposing full repayment for any shortfall.\n",{"question":410,"answer":411},"How long does an economic development agreement typically last?","Compliance periods typically run 5 to 10 years, depending on the size of the incentive package and the nature of the performance commitments. Tax abatement agreements often run 10 to 15 years because property tax relief is delivered annually. Grant or forgivable loan agreements may have shorter compliance periods of 3 to 7 years. The term should be long enough to ensure the government recovers value from the incentives but not so long that performance obligations become commercially unreasonable.\n",{"question":413,"answer":414},"What happens if the business is acquired or merges with another company?","Most well-drafted economic development agreements require the business to obtain government consent before any change of control — typically defined as a transfer of 50% or more of equity or substantially all assets. If consent is not obtained, the change of control may constitute a default triggering clawback. Government approval is usually conditioned on the acquiring entity assuming all performance obligations. If the acquiring entity relocates operations, clawback is generally triggered.\n",{"question":416,"answer":417},"Is legal review recommended for an economic development agreement?","Yes. Economic development agreements involve public funds, multi-year performance obligations, clawback liability, and jurisdiction-specific enabling legislation. A template provides the structural framework, but legal review — ideally by counsel experienced in public finance or economic development law — is strongly recommended before execution, particularly for incentive packages exceeding $250,000 or compliance periods longer than five years.\n",{"question":419,"answer":420},"Can a private business use this template, or is it only for governments?","Both sides can use this template as a starting point. Private businesses use it to understand what a well-structured incentive agreement should contain before entering negotiations with a government entity, and to identify gaps in a government-drafted agreement. Government economic development offices use it to standardize their incentive documentation. In practice, the government entity's legal counsel often drafts the final agreement, but a business that arrives at the table with a clear template is better positioned to negotiate favorable terms.\n",{"question":422,"answer":423},"What is the difference between an economic development agreement and a tax incentive agreement?","A tax incentive agreement is a subset of economic development agreements focused specifically on tax relief — abatements, credits, or exemptions. An economic development agreement is broader and may include grants, infrastructure commitments, forgivable loans, and fee waivers in addition to tax benefits. The two terms are sometimes used interchangeably, but an economic development agreement typically captures the full incentive package across all programs in a single governing document.\n",[425,429,433,437,441,445],{"industry":426,"icon_asset_id":427,"specifics":428},"Manufacturing and industrial","industry-manufacturing","New plant construction and equipment investment drive large capital commitment clauses; job creation targets tied to production capacity; clawback triggered by facility closure or relocation.",{"industry":430,"icon_asset_id":431,"specifics":432},"Technology / Data centers","industry-saas","Data center developments often receive utility rate incentives and infrastructure grants; job counts are low relative to capital investment, so agreements emphasize capital thresholds over headcount.",{"industry":434,"icon_asset_id":435,"specifics":436},"Retail and commercial development","industry-retail","Sales tax sharing agreements and TIF financing are common; performance metrics focus on sales tax generation and anchor tenant retention rather than employment.",{"industry":438,"icon_asset_id":439,"specifics":440},"Healthcare and life sciences","industry-healthtech","Wage floors for qualified jobs must reflect healthcare sector compensation levels; agreements often include provisions tied to licensure, accreditation, or regulatory approvals as conditions precedent.",{"industry":442,"icon_asset_id":443,"specifics":444},"Logistics and distribution","industry-logistics","Site readiness — road access, utility capacity, zoning clearance — is often a government obligation triggering the business's commitment; job targets reflect warehouse-scale hiring timelines.",{"industry":446,"icon_asset_id":447,"specifics":448},"Film and entertainment","industry-media","Production tax credit agreements set spending thresholds within the jurisdiction rather than employment counts; compliance periods are tied to production timelines rather than multi-year operations.",[450,454,458,461],{"vs":451,"vs_template_id":452,"summary":453},"Memorandum of Understanding (MOU)","memorandum-of-understanding-D325","A memorandum of understanding records the intentions and preliminary terms agreed between a government and a business before a formal incentive package is finalized. It is generally not binding on the key commercial terms. An economic development agreement is the binding successor document — once executed, it replaces the MOU and creates enforceable obligations including clawback liability.",{"vs":455,"vs_template_id":456,"summary":457},"Grant Agreement","D{GRANT_AGREEMENT_ID}","A grant agreement covers a single disbursement of public funds for a specific purpose, typically with reporting and compliance conditions. An economic development agreement is broader — it governs a full incentive package that may include grants, tax abatements, infrastructure, and forgivable loans in a single document. Where a business receives only a cash grant, a standalone grant agreement may suffice; where multiple incentive types are involved, an economic development agreement is more appropriate.",{"vs":223,"vs_template_id":459,"summary":460},"D{TAX_ABATEMENT_AGREEMENT_ID}","A tax abatement agreement governs a specific reduction or elimination of property or business taxes for a defined period. It is a component of many economic development packages but does not cover grants, infrastructure, or forgivable loans. Use a standalone tax abatement agreement when property tax relief is the only incentive; use an economic development agreement when the package combines multiple incentive types.",{"vs":235,"vs_template_id":462,"summary":463},"D{PPP_AGREEMENT_ID}","A public-private partnership agreement structures joint investment and risk-sharing between a government entity and a private party for infrastructure or service delivery — often involving shared ownership, revenue sharing, or long-term operation rights. An economic development agreement is simpler: the government provides incentives and the business commits to economic performance, without shared ownership or operational entanglement. PPP agreements are appropriate for infrastructure concessions; economic development agreements are appropriate for business attraction and retention.",{"use_template":465,"template_plus_review":469,"custom_drafted":473},{"best_for":466,"cost":467,"time":468},"Small businesses or government entities negotiating straightforward incentive packages under $250,000 with simple job creation and capital investment commitments","Free","2–4 hours to complete",{"best_for":470,"cost":471,"time":472},"Incentive packages between $250,000 and $2M, multi-year compliance periods, or agreements involving tax abatements requiring enabling ordinance review","$750–$2,500","3–7 days",{"best_for":474,"cost":475,"time":476},"Large-scale incentive packages exceeding $2M, TIF financing, complex multi-agency programs, or cross-jurisdictional arrangements involving state and local incentives","$3,000–$15,000+","2–6 weeks",[478,483,488,493],{"code":479,"name":480,"flag_asset_id":481,"note":482},"us","United States","flag-us","Economic development incentives are primarily governed at the state and local level, each with its own enabling legislation. Property tax abatements typically require a city council or county commission ordinance. Federal programs such as New Markets Tax Credits and Opportunity Zone incentives have their own compliance frameworks. Several states — including Ohio, Texas, and South Carolina — have highly developed statutory frameworks for business incentive agreements with standardized clawback and reporting requirements.",{"code":484,"name":485,"flag_asset_id":486,"note":487},"ca","Canada","flag-ca","In Canada, economic development incentives are provided by federal agencies (e.g., Regional Development Agencies such as FedDev Ontario and PrairiesCan), provincial governments, and municipalities. Provincial enabling legislation governs what incentives local governments may offer, and some provinces restrict municipalities from providing direct cash grants to private businesses. Quebec has a distinctive regime under the Act Respecting Municipal Industrial Immovables that governs local incentive agreements.",{"code":489,"name":490,"flag_asset_id":491,"note":492},"uk","United Kingdom","flag-uk","UK economic development agreements are influenced by the Subsidy Control Act 2022, which replaced EU State aid rules after Brexit and imposes transparency, proportionality, and non-distortion requirements on public financial assistance to businesses. Local Enterprise Partnerships and Combined Authorities administer many incentive programs. Section 151 officers must confirm that incentive commitments are within the council's financial authority, and large agreements may require a section 24 scrutiny review.",{"code":494,"name":495,"flag_asset_id":496,"note":497},"eu","European Union","flag-eu","EU State aid rules under Articles 107–109 TFEU strictly regulate government incentives to private businesses to prevent distortion of competition within the single market. Incentives that exceed de minimis thresholds (currently €300,000 over three years) must comply with an applicable block exemption regulation or receive European Commission approval. GDPR compliance requirements may apply to employment data reported under the agreement. Member states have varying national frameworks for implementing approved incentive programs.",[499,500,501,502,503,236,504,505,506,507,508,509],"memorandum-of-understanding-D12548","non-disclosure-agreement-nda-D12692","joint-venture-agreement-D889","service-agreement-D12711","letter-of-intent_acquisition-of-business-D5197","application-policy-D13439","business-plan-D12019","financial-projections_12-months-D360","independent-contractor-agreement-D160","lease-agreement-D1179","purchase-agreement-D12670",{"emit_how_to":184,"emit_defined_term":184},{"primary_folder":94,"secondary_folder":512,"document_type":513,"industry":514,"business_stage":515,"tags":516,"confidence":522},"real-estate-and-leases","agreement","general","all-stages",[517,518,519,520,521],"contract","real-estate","compliance","economic-development","government-incentives",0.75,"\u003Ch2>What is an Economic Development Agreement?\u003C/h2>\n\u003Cp>An \u003Cstrong>Economic Development Agreement\u003C/strong> is a binding legal contract between a government entity — typically a city, county, state agency, or regional economic development corporation — and a private business, in which the government commits to providing financial incentives in exchange for specific, measurable economic commitments from the business. Incentives commonly include property tax abatements, cash grants, forgivable loans, infrastructure investments, and fee waivers. In return, the business commits to outcomes such as creating a defined number of qualified jobs, investing a minimum amount of capital in a facility, completing construction by a specific date, or maintaining operations within the jurisdiction for a defined compliance period. The agreement converts what would otherwise be informal negotiations into enforceable obligations — and establishes the clawback mechanism that protects public funds if the business fails to deliver.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Without a written economic development agreement, neither side has meaningful legal protection. A business that relocates or expands based on verbal incentive promises has no enforceable claim if the government fails to deliver the abatement or grant. A government entity that provides tax relief or public funds without documented performance milestones and clawback provisions has no mechanism to recover those funds if the business closes, relocates, or significantly underperforms. Disputes over what was promised, what counts as a qualified job, and whether a clawback is triggered are among the most common — and expensive — conflicts in local economic development. A properly structured agreement eliminates ambiguity on every material point before money changes hands, protects taxpayers through enforceable performance standards, and gives the business a reliable financial basis to make a capital commitment. This template provides the structural framework — tailored legal review is recommended for any incentive package involving material public funds or multi-year compliance obligations.\u003C/p>\n",1781185958119]