Hybrid agreements combine elements of promotion agreements and option. Often used where a land owner has extensive land holdings which may be developed over a lengthy period. With a hybrid agreement the strike price is generally ascertained by exposing a parcel or parcels of land to the Open Market. This is in contrast to the position with a conventional option where the value is agreed consensually between landowner and the housebuilder and in default is determined by an expert. Hybrid Agreements are often utilised on large urban extension sites. By their nature they tend to be more complex than a conventional option or a promotion agreement. Davies and Partners are experienced in dealing with hybrid agreements on complex sites.