Correction Assignment to Correct Name of Assignee in Assignment of Oil and Gas Lease
Description
How to fill out Correction Assignment To Correct Name Of Assignee In Assignment Of Oil And Gas Lease?
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FAQ
If a contract sometimes uses the wrong name, is it still valid? Yes. It is valid as long as the contract as a whole permits identifying the parties (unequivocally) and ascertaining their role with respect to the contract.
If you change core products or services or have moved into an entirely new industry, you might need to consider a new name especially if your brand specifically mentions the work you do. If that's the case, your name might be a hinderance as you go after a new market.
A name change is also a chance to freshen the brand and show consumers that the company is keeping up with the times. Often, a name change simply aligns the company with language already being used by customers. Starbucks, for example, is no longer called Starbucks Coffee, a name that its customers truncated long ago.
Changing company names amounts to a significant alteration since Memorandum of Association and Articles of Association need to be altered. As per Section 13 of the Companies Act 2013, a company may change its name by passing a special resolution in general meeting and receiving approval from the Central Government.
So basically, if the name of the company stayed the same, but the trading name changed, nothing needs to be done. If the actual name of the company changes, then your contracts will remain valid.
Line through the incorrect information (make sure the information can still be read). Make the change. Date and initial the change. Have the other party date and initial the change also, so it's clear that the change has been acknowledged by both parties.
The change of name takes effect on the date of the issue of the altered certificate. The company retains the same company number even after the change of name. The company with the altered name is the same company it was before the name change.
Draw line through entry (thin pen line). Make sure that the inaccurate information is still legible. Initial and date the entry. State the reason for the error (i.e. in the margin or above the note if room). Document the correct information.
The only time you can change the name to a different person is when you upgrade the contract as the new person has to pass the credit check.You cannot change the name on an existing contract.
