New Mexico Amendment to Unit Agreement Description: A New Mexico Amendment to Unit Agreement refers to a legal document that modifies the terms and conditions of an existing Unit Agreement related to the development of oil and gas resources in New Mexico. It allows the parties involved to make revisions, additions, or deletions to the original agreement to suit changing circumstances or address any issues that may arise during the course of the project. Keywords: 1. New Mexico: This specifies the geographical location where the amendment is applicable, indicating that it falls under the jurisdiction of the state's regulations and laws. 2. Amendment: It indicates that changes or modifications are being made to an existing document or agreement. 3. Unit Agreement: It refers to an agreement entered into by multiple parties to pool their resources for the development and production of oil and gas from a particular area, known as a unit. 4. Oil and Gas: This industry is the primary focus of the unit agreement, as it involves the exploration, extraction, and production of oil and natural gas reserves. 5. Legal Document: The amendment to the unit agreement holds legal significance, binding all parties involved to the new terms and conditions outlined in the document. 6. Revisions: The amendment allows for alterations, adjustments, or updates to be made to the original unit agreement. 7. Parties: Refers to the entities or individuals involved in the unit agreement, such as oil companies, landowners, and regulatory authorities. 8. Terms and Conditions: The specific provisions, obligations, rights, and responsibilities outlined in the unit agreement that may be modified or adjusted through the amendment. 9. Resources: Pertains to the oil and gas reserves present within the designated unit area, which are collectively developed and utilized by the parties involved. 10. Geographical Location: New Mexico, in this case, signifies the state where the unit agreement is applicable, indicating compliance with New Mexico's regulations and legal framework. Different Types of New Mexico Amendment to Unit Agreement: 1. Production Increase Amendment: This type of amendment focuses on increasing the production capacity of the unit by allowing additional wells to be drilled, revising production quotas, or adopting advanced technologies. 2. Area Extension Amendment: It involves expanding the unit area boundaries to incorporate adjacent lands, providing access to potentially untapped oil and gas resources. 3. Operator Change Amendment: This amendment is relevant when there is a need to replace the existing operator responsible for managing the unit's operations, assigning a new company to take charge. 4. Revised Revenue Distribution Amendment: If the original unit agreement allocation of revenues needs modification, this amendment adjusts revenue sharing percentages among the parties involved according to their updated contributions or circumstances. 5. Risk Allocation Amendment: In this type of amendment, the allocation of risk and liability among the parties in case of accidents, environmental damage, or other unforeseen events is adjusted based on changes in circumstances or compliance with new regulations. These are just a few examples of the different types of amendments that can be made to a New Mexico Unit Agreement, showcasing the flexibility and adaptability of such agreements within the oil and gas industry.
New Mexico Amendment to Unit Agreement
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Section 55-2-725 - Statute of limitations in contracts for sale. (1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.
In an REC, the buyer generally pays the seller a portion of the sales price up-front and then agrees to make payments on the remaining balance over the time period prescribed in the REC.
The statute of limitations depends on the classification of the crime. If a first degree felony, no statute of limitations; or 1. If a second degree felony, within six years after commission of the offense; or 2. If a third or fourth degree felony, within five years after commission of the offense.
Suing the Government Fraud4 years (NMS § 37-1-4)Libel or Slander3 years (NMS § 37-1-8)Injury to Person3 years (NMS § 37-1-8)If against the government, 2 years plus a 90-day tort claim notice from the date of accident if against the government (NMS §§ 37-1-24)Injury to Personal Property4 years (NMS § 37-1-4)7 more rows ?
The majority of contracts need include only two things to be legally enforceable: All the parties involved must agree, once an offer has been extended by one party and subsequently accepted by the other party.
Generically the answer is "no;" courts will enforce a statute instead of a conflicting contract. However, many statutes either explicitly or implicitly allow contracts to override them in at least some situations.
