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A ratified contract must be signed by the buyer, seller, lender (if applicable), real estate agent (if applicable), and any other parties named on the document, such as witnesses. It becomes valid once all parties agree on sale terms, including price and closing date; however, this varies from state to state.

In terms of the oil and gas industry, ratification of a lease is the term for requesting acceptance of an existing lease agreement, with or without changes, from landowners who have purchased parcels to which the original leaseholder gave permission to drill and produce. Leases can last for decades.

Pooling refers to joining together enough acreage to allow issuance of a drilling permit for a single well. Unitization refers to joining together large areas such as an entire reservoir or field to optimize operations, introduce efficiencies, and reduce costs. Both pooling and unitization can be voluntary or forced.

Definition of ratify transitive verb. : to approve and sanction formally : confirm ratify a treaty.

To ratify a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

The President may form and negotiate, but the treaty must be advised and consented to by a two-thirds vote in the Senate. Only after the Senate approves the treaty can the President ratify it. Once it is ratified, it becomes binding on all the states under the Supremacy Clause.

Overriding Royalty Interest (ORRI) A royalty in excess of the royalty provided in the Oil & Gas Lease. Usually, an override is added during an intervening assignment. ORRIs are created out of the working interest in a property and do not affect mineral owners.

Unitization is the agreement to jointly operate an entire producing reservoir or a prospectively productive area of oil and/or gas. The entire unit area is operated as a single entity, without regard to lease boundaries, and allows for the maximum recovery of production from the reservoir.

Ratify means to approve or enact a legally binding act that would not otherwise be binding in the absence of such approval. In the constitutional context, nations may ratify an amendment to an existing or adoption of a new constitution.

Unitization is the act of consolidating multiple smaller units into a larger unit for improved warehouse efficiency, quicker packaging and arranging, and more efficient handling and transportation.

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Can be very small-made up of just a few units-or quite large. Cooperative City in the Bronx, New.

Bronx New York Ratification of Unit Agreement (By Interest Owner)

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What makes a contract ratified?

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What is the difference between pooling and unitization?

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What does ratification of a lease mean?

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What is a unitization agreement?

What does ratification mean in a contract?

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