Nebraska Assignment of Production Payment Measured by Quantity of Production

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-293
• Format: Word; Rich Text

Description

This form is used when the Assignor transfers, assigns and conveys to Assignee a production payment measured by the quantity of production. Nebraska Assignment of Production Payment Measured by Quantity of Production is a legal agreement commonly seen in the oil and gas industry. This contract allows the owner of a production payment, also known as the assignor, to transfer their right to receive a portion of the production from a specified oil or gas well to another party, the assignee. The payment amount is determined by the quantity of production generated from the well. The Nebraska Assignment of Production Payment Measured by Quantity of Production can be further categorized into two types: 1. Fractional Assignment: In this type of assignment, the assignor transfers a specific fraction or percentage of their production payment to the assignee. The assigned fraction or percentage is based on the total production from the well. 2. Fixed Quantity Assignment: This type of assignment involves the transfer of a fixed quantity of production payment to the assignee. The assignor specifies a specific volume of production, typically measured in barrels of oil or cubic feet of gas, that will be assigned to the assignee. To successfully execute the Nebraska Assignment of Production Payment Measured by Quantity of Production, several essential elements need to be included in the contract. These elements consist of: 1. Identification of Parties: The contract should clearly identify the assignor and assignee, including their legal names, addresses, and contact details. This information ensures that both parties can be held accountable for their obligations. 2. Description of the Production Payment: It is essential to describe the production payment being assigned accurately. This includes specifying the well(s) from which the production is derived, the percentage or fixed quantity being assigned, and any applicable terms or restrictions. 3. Consideration and Payment: The agreement should outline the consideration to be provided by the assignee to the assignor in exchange for the assignment of the production payment. Typically, this involves a monetary payment, but it may include other forms of consideration as agreed upon by both parties. 4. Governing Law and Jurisdiction: To avoid any legal disputes, the contract should state the governing law of the agreement and the jurisdiction where any potential legal action would take place. In the case of Nebraska, the applicable laws of the state should be referenced. 5. Representations and Warranties: Both parties should provide assurances regarding their legal capacity to enter into the agreement and their ownership rights to the assigned production payment. This helps protect the assignee against any claims or disputes arising from third parties. It is important to note that the content provided here is for informational purposes only and should not be considered legal advice. The specifics of a Nebraska Assignment of Production Payment Measured by Quantity of Production can vary depending on the parties involved and the nature of the agreement. It is always recommended consulting with a qualified attorney or legal professional when drafting or reviewing such contracts.

Nebraska Assignment of Production Payment Measured by Quantity of Production is a legal agreement commonly seen in the oil and gas industry. This contract allows the owner of a production payment, also known as the assignor, to transfer their right to receive a portion of the production from a specified oil or gas well to another party, the assignee. The payment amount is determined by the quantity of production generated from the well. The Nebraska Assignment of Production Payment Measured by Quantity of Production can be further categorized into two types: 1. Fractional Assignment: In this type of assignment, the assignor transfers a specific fraction or percentage of their production payment to the assignee. The assigned fraction or percentage is based on the total production from the well. 2. Fixed Quantity Assignment: This type of assignment involves the transfer of a fixed quantity of production payment to the assignee. The assignor specifies a specific volume of production, typically measured in barrels of oil or cubic feet of gas, that will be assigned to the assignee. To successfully execute the Nebraska Assignment of Production Payment Measured by Quantity of Production, several essential elements need to be included in the contract. These elements consist of: 1. Identification of Parties: The contract should clearly identify the assignor and assignee, including their legal names, addresses, and contact details. This information ensures that both parties can be held accountable for their obligations. 2. Description of the Production Payment: It is essential to describe the production payment being assigned accurately. This includes specifying the well(s) from which the production is derived, the percentage or fixed quantity being assigned, and any applicable terms or restrictions. 3. Consideration and Payment: The agreement should outline the consideration to be provided by the assignee to the assignor in exchange for the assignment of the production payment. Typically, this involves a monetary payment, but it may include other forms of consideration as agreed upon by both parties. 4. Governing Law and Jurisdiction: To avoid any legal disputes, the contract should state the governing law of the agreement and the jurisdiction where any potential legal action would take place. In the case of Nebraska, the applicable laws of the state should be referenced. 5. Representations and Warranties: Both parties should provide assurances regarding their legal capacity to enter into the agreement and their ownership rights to the assigned production payment. This helps protect the assignee against any claims or disputes arising from third parties. It is important to note that the content provided here is for informational purposes only and should not be considered legal advice. The specifics of a Nebraska Assignment of Production Payment Measured by Quantity of Production can vary depending on the parties involved and the nature of the agreement. It is always recommended consulting with a qualified attorney or legal professional when drafting or reviewing such contracts.