140Content of development agreement

1. A development agreement must be in writing and be signed by all parties that are to be bound by the agreement.

2. A development agreement must include—

3. the legal name of each water organisation that will be bound by the agreement; and
4. the legal name of each developer that will be bound by the agreement; and
5. the legal name of any territorial authority that will be bound by the agreement; and
6. a description of the land to which the agreement will relate, including its legal description and, if applicable,—
   1. the street address of the land; and
   2. other identifiers of the location of the land, its boundaries, and extent; and
7. details of the water services infrastructure (if any) that each party to the agreement will provide or pay for.

8. A development agreement may also include information relating to all or any of the following:

9. a description of the development to which the agreement will relate:
10. when the water services infrastructure will be provided, including whether the infrastructure will be provided in stages:
11. who will own, operate, and maintain the infrastructure being provided:
12. the timing and other arrangements for any vesting of infrastructure in a party:
13. the timing and other arrangements for any transfer of land between the parties:
14. the mechanism for the resolution of disputes:
15. the nature, amount, and timing of any monetary payments to be made between the parties:
16. the enforcement of the development agreement by a suitable means in the event of a breach, for example, by—
    1. a guarantee; or
    2. a bond; or
    3. a memorandum of encumbrance:
17. other matters the parties agree to include.

18. A development agreement must not contain any provision that limits a water organisation’s powers under this subpart.