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.
Kings New York Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 is a legal document that outlines the terms and conditions regarding gas balancing in relation to an operating agreement. This exhibit is specific to the Kings County in the state of New York. The purpose of this exhibit is to establish guidelines for the proactive management of gas balancing, ensuring the distribution and utilization of gas resources in an efficient and equitable manner. Gas balancing refers to the process of equalizing gas distribution across different parties or entities involved in the agreement, also establishing the responsibility and liability of each party. Within this exhibit, several key elements and provisions can be found which are essential for a gas balancing agreement. Some of them include: 1. Gas Balancing Objectives: This section defines the general objectives and goals of gas balancing. It may emphasize the importance of maintaining reliable gas supply, minimizing wastage, and ensuring a fair distribution among parties. 2. Gas Balancing Methodology: This part explains the approach or methodology to be adopted for gas balancing. It may outline the measurement techniques, monitoring mechanisms, and calculation methods used to determine gas imbalances and reconcile them accordingly. 3. Gas Balancing Responsibilities: This section defines the responsibilities and obligations of each party involved in the operating agreement. It outlines the roles, duties, and liabilities pertaining to the management of gas balancing, including reporting requirements, reconciliation timelines, and dispute resolution mechanisms. 4. Gas Balancing Charges: Here, the exhibit may detail any charges or penalties associated with imbalances or non-compliance with gas balancing obligations. The calculation of these charges, payment terms, and escalation mechanisms may be mentioned to ensure accountability and discourage imbalances. It is important to note that the specific contents and provisions of Kings New York Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 may vary depending on the specific nature of the agreement and the parties involved. Different versions of this exhibit may exist for distinct contexts, such as variation in gas sources, contractual arrangements, and geographical locations. In summary, Kings New York Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 is a crucial legal document that establishes the framework for managing gas balancing within an operating agreement. It outlines objectives, methodologies, responsibilities, and charges associated with maintaining a fair and efficient distribution of gas resources.Kings New York Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 is a legal document that outlines the terms and conditions regarding gas balancing in relation to an operating agreement. This exhibit is specific to the Kings County in the state of New York. The purpose of this exhibit is to establish guidelines for the proactive management of gas balancing, ensuring the distribution and utilization of gas resources in an efficient and equitable manner. Gas balancing refers to the process of equalizing gas distribution across different parties or entities involved in the agreement, also establishing the responsibility and liability of each party. Within this exhibit, several key elements and provisions can be found which are essential for a gas balancing agreement. Some of them include: 1. Gas Balancing Objectives: This section defines the general objectives and goals of gas balancing. It may emphasize the importance of maintaining reliable gas supply, minimizing wastage, and ensuring a fair distribution among parties. 2. Gas Balancing Methodology: This part explains the approach or methodology to be adopted for gas balancing. It may outline the measurement techniques, monitoring mechanisms, and calculation methods used to determine gas imbalances and reconcile them accordingly. 3. Gas Balancing Responsibilities: This section defines the responsibilities and obligations of each party involved in the operating agreement. It outlines the roles, duties, and liabilities pertaining to the management of gas balancing, including reporting requirements, reconciliation timelines, and dispute resolution mechanisms. 4. Gas Balancing Charges: Here, the exhibit may detail any charges or penalties associated with imbalances or non-compliance with gas balancing obligations. The calculation of these charges, payment terms, and escalation mechanisms may be mentioned to ensure accountability and discourage imbalances. It is important to note that the specific contents and provisions of Kings New York Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 may vary depending on the specific nature of the agreement and the parties involved. Different versions of this exhibit may exist for distinct contexts, such as variation in gas sources, contractual arrangements, and geographical locations. In summary, Kings New York Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 is a crucial legal document that establishes the framework for managing gas balancing within an operating agreement. It outlines objectives, methodologies, responsibilities, and charges associated with maintaining a fair and efficient distribution of gas resources.
