Guam Seismic Agreement Allowing Third Party to Conduct Seismic Operation on Grantor's Lease
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How to fill out Guam Seismic Agreement Allowing Third Party To Conduct Seismic Operation On Grantor's Lease?
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FAQ
An option agreement sets out a definitive timescale - and can also provide for an up-front payment as an incentive to the owner to create the opportunity. Your community body requires time to put together a funding package for a property acquisition and/or its subsequent development .
Seismic Option or "Option" means an agreement which entitles a Party to conduct 3-D Seismic Operations on a portion of the Contract Lands with an option to acquire a Lease covering all or a portion of such lands.
There are three phases of seismic surveys: data acquisition, processing, and interpretation. 3D surveys are acquired by laying out energy source points and receiver points in a grid over the area to be surveyed.
The option agreement is a legally binding contract entered by two parties, one seller and the other buyer of the option, where the contract outlines that one party has the right but not the obligation to buy or sell the asset and also defines each party's responsibilities to the other which must be honored till either ...