Maine Royalty Owner's Supplement to Purchaser's Division order or Transfer order

• Category: Oil Gas and Minerals - Division and Transfer Orders
• State: Multi-State
• Control #: US-OG-070
• Format: Word; Rich Text

Description

This form is a supplement that may be attached to any form of division order. It serves to amend the terms of a division order that may contain objectionable provisions which attempt to make a division order more than a direction for payment. Maine Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order is a legal document that outlines the specific details of the agreement and terms between a royalty owner and a purchaser regarding the division of royalties in the state of Maine. It serves as a supplementary document to the primary Division Order or Transfer Order. The Maine Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order contains several key elements necessary for a clear understanding of the arrangement. These elements include: 1. Royalty Owner Information: This section includes the full name, address, contact details, and any relevant identification numbers pertaining to the royalty owner. 2. Purchaser Information: This section provides the complete details of the purchaser, including their legal name, address, contact information, and identification numbers. 3. Effective Date: The effective date indicates the date from which the agreement comes into effect, ensuring that both parties are aware of when the terms of the document become binding. 4. Primary Division Order or Transfer Order Reference: This section references the primary Division Order or Transfer Order, which serves as the primary agreement between the royalty owner and purchaser. It includes the order number, date, and any other specific details required for cross-referencing purposes. 5. Division of Royalties: This crucial section specifies how the royalties and other related payments will be divided between the royalty owner and purchaser. The terms typically include information such as the percentage or decimal interest retained by the royalty owner, any specified deductions or expenses borne by the royalty owner, and the manner and frequency of royalty payments. 6. Payment and Reporting Obligations: This segment outlines the payment schedule and reporting obligations of both parties. It includes information about the frequency of royalty payments, the mode of payment, and any specific reporting requirements or deadlines. 7. Deductions and Withholding: This section explains any deductions, withholding, or fees that may be subtracted from the royalty payments before they are disbursed to the royalty owner. It clarifies the basis for such deductions, such as production costs, taxes, or other relevant expenses, ensuring transparency and adherence to legal requirements. 8. Governing Law and Jurisdiction: This segment establishes the applicable governing law and jurisdiction under which any disputes arising from the agreement will be resolved. Different types of Maine Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order may vary depending on the specific provisions and requirements of the agreement. For instance, there may be variations in the language used, additional clauses catering to unique circumstances, or specifications tailored to different types of royalty interests (e.g., oil, gas, mining). It is important for both the royalty owner and the purchaser to carefully review and understand the Maine Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order to ensure compliance with state regulations and to protect their respective interests and rights.

Maine Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order is a legal document that outlines the specific details of the agreement and terms between a royalty owner and a purchaser regarding the division of royalties in the state of Maine. It serves as a supplementary document to the primary Division Order or Transfer Order. The Maine Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order contains several key elements necessary for a clear understanding of the arrangement. These elements include: 1. Royalty Owner Information: This section includes the full name, address, contact details, and any relevant identification numbers pertaining to the royalty owner. 2. Purchaser Information: This section provides the complete details of the purchaser, including their legal name, address, contact information, and identification numbers. 3. Effective Date: The effective date indicates the date from which the agreement comes into effect, ensuring that both parties are aware of when the terms of the document become binding. 4. Primary Division Order or Transfer Order Reference: This section references the primary Division Order or Transfer Order, which serves as the primary agreement between the royalty owner and purchaser. It includes the order number, date, and any other specific details required for cross-referencing purposes. 5. Division of Royalties: This crucial section specifies how the royalties and other related payments will be divided between the royalty owner and purchaser. The terms typically include information such as the percentage or decimal interest retained by the royalty owner, any specified deductions or expenses borne by the royalty owner, and the manner and frequency of royalty payments. 6. Payment and Reporting Obligations: This segment outlines the payment schedule and reporting obligations of both parties. It includes information about the frequency of royalty payments, the mode of payment, and any specific reporting requirements or deadlines. 7. Deductions and Withholding: This section explains any deductions, withholding, or fees that may be subtracted from the royalty payments before they are disbursed to the royalty owner. It clarifies the basis for such deductions, such as production costs, taxes, or other relevant expenses, ensuring transparency and adherence to legal requirements. 8. Governing Law and Jurisdiction: This segment establishes the applicable governing law and jurisdiction under which any disputes arising from the agreement will be resolved. Different types of Maine Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order may vary depending on the specific provisions and requirements of the agreement. For instance, there may be variations in the language used, additional clauses catering to unique circumstances, or specifications tailored to different types of royalty interests (e.g., oil, gas, mining). It is important for both the royalty owner and the purchaser to carefully review and understand the Maine Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order to ensure compliance with state regulations and to protect their respective interests and rights.