This operating agreement exhibit provides that each party has the right to take in kind its share of gas produced from the Contract Area and market or otherwise dispose of its gas. In the event any party is not, at any time, taking or marketing its share of gas, or has contracted to sell its share of gas produced from the Contract Area to a purchaser which does not, at any time, take the full share of gas attributable to the interest of the party, then the terms of this agreement shall automatically become operative.
Exhibit E to Operating Agreement Gas Balancing Agreement - Form 2
Category:
State:
Multi-State
Control #:
US-OG-746
Format:
Word;
Rich Text
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1. term of a contract - the period of time during which a contract conveying property to a person is in effect. lease. period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period"
A gas balancing arrangement settles the over-use or under-use of a gas well by the various partners who have interests in it.One partner decides not to sell any gas in the current period, perhaps due to unfavorable market conditions, so the other partner takes the production and sells it.
Contract balances are the amount of pay owed to an employee based on the employee contract agreement.The amount that is left to be paid on the contract. Reserve Wage Balance. The amount of dollars the employee has in reserve.
The quantity of gas being generated in a mine shaft and the distribution of gassing either by sources or throughout the system of workings. A distinction is made among the gas balances for individual workings, cutting sections, and shafts or for the mine as a whole.
A voidable contract, unlike a void contract, is a valid contract which may be either affirmed or rejected at the option of one of the parties. At most, one party to the contract is bound. The unbound party may repudiate (reject) the contract, at which time the contract becomes void.
More Definitions of Contract AmountContract Amount means the total amount encumbered under this Agreement for any payment by the State to the Contractor for performance of the Work, in accordance with the Contract Documents.The Contractor is one of the parties to this Agreement.
Contract balances are the amount of pay owed to an employee based on the employee contract agreement.The amount that is left to be paid on the contract. Reserve Wage Balance. The amount of dollars the employee has in reserve.