Washington 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.

The Washington Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order is a legal document that outlines the specific terms and conditions related to the ownership and transfer of royalty interests in the state of Washington. This supplementary agreement serves as an addendum to the original division order or transfer order executed between the royalty owner and the purchaser. The main purpose of this supplement is to provide further clarification and protection for both parties involved in the royalty interest transaction. It ensures that all relevant details, such as the specific royalty interest being transferred and the corresponding calculations, are accurately recorded and documented. Additionally, it aims to address any potential discrepancies or disputes that may arise during the transfer process. There are several types of Washington Royalty Owner's Supplements to Purchaser's Division Order or Transfer Order, based on the specific scenario or condition under which the transfer is made. Some common variations include: 1. Supplement for Adjustments: This type of supplement is used when there are adjustments needed in the original division order or transfer order. It may occur due to changes in production volumes, pricing, or other factors affecting the royalty calculations. The supplement outlines the necessary modifications and ensures that both parties are aware and agree to the adjustments. 2. Supplement for Additional Interests: In cases where additional royalty interests or acreage are acquired after the initial division order or transfer order has been executed, this type of supplement is utilized. It specifies the details of the newly acquired interests and provides instructions on how they should be incorporated into the existing agreement. 3. Supplement for Corrective Measures: If any errors or inaccuracies are identified in the original division order or transfer order, a supplement may be prepared to rectify or clarify the situation. It ensures that any mistakes are corrected and that the agreement properly reflects the intended terms. 4. Supplement for Termination or Surrender: When a royalty owner intends to terminate or surrender their interest in a property, a supplement is executed to document the cessation of the agreement. It outlines the necessary procedures for winding down the royalty interest and specifies any remaining obligations or liabilities. Overall, the Washington Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order is a crucial legal instrument for accurately recording and addressing the details surrounding the ownership and transfer of royalty interests in the state. It provides transparency, clarity, and protection for both the royalty owner and the purchaser, ensuring a smooth and fair transaction process.