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These are a type of agreement entered into between a landowner and a ‘promoter’. They allow the promoter to promote the land through the planning process. This may include planning applications and appeals, as well as seeking the allocation of the land in Local and Neighbourhood Plans. Generally the cost of promoting the land is borne initially by the promoter, in return for a percentage of the value of the land with planning permission at the point of sale.
Other contractual arrangements between landowners and promoters can include what are known as ‘Option Agreements’ and ‘Planning Agreements’ (conditional or unconditional) and there may also be hybrid agreements which include elements of one or more of the above.