Jurisdiction(s):
United Kingdom

Key definition

Agreement definition

What does Agreement mean? In competition law practice, an agreement is any form of coordination between undertakings that shows a meeting of minds about market conduct (for example pricing, output, customers or territories). It is not limited to a legally enforceable contract: it includes informal or “gentlemen’s” understandings, oral arrangements, email exchanges and tacit understandings, and extends to decisions of associations of undertakings. Mere parallel conduct is insufficient without evidence of contact or communication. The term is used in legislation and developed by case law: Article 101 TFEU, section 4 of Ireland’s Competition Act 2002, and the UK Chapter I prohibition in the Competition...

Construction project facility agreements: structure, costs, covenants, representations, events of default and conditions precedent

Published by a LexisNexis Construction expert

Practice notes

What is a facility Agreement?

Many construction projects, especially larger developments, often need external finance from banks or other Lenders to support them during the build phase. The Borrower will usually enter a facility agreement with the lender (or a group of lenders), which sets out the terms and conditions of the deal. It records the financing arrangements reached between the parties. It covers obligations, core pricing and timing requirements mutually agreed between them.

Typical structure

The precise make-up of a facility agreement varies according to factors such as the form of facility provided and the proposed application of the funds. Nonetheless, its core purpose is to see the lender’s capital repaid on time and to secure the return the lender expects on the loan at the agreed point. Consequently, most facility agreements contain broadly comparable provisions, commonly set out in a similar framework. This Practice Note outlines the standard elements of a bilateral, committed facility agreement made with a corporate borrower for a construction or development scheme. Note that, in numerous instances, the borrower’s parent may also need to join as a party to the facility agreement where it is to act as guarantor. If so, then many of...

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Web page updated on 21/05/2026

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