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6.—(1) A construction contract is excluded from the operation of Part II if it is a development agreement, within the meaning given below.
(2) A contract is a development agreement if it includes provision for the grant or disposal of a relevant interest in the land on which take place the principal construction operations to which the contract relates.
(3) In paragraph (2) above, a relevant interest in land means–
(a)ownership; or
(b)a tenant’s interest under a lease for a period which is to expire no earlier than 12 months after the completion of the construction operations under the contract.
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