This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Houston Texas Take Or Pay Gas Contracts
Category:
State:
Multi-State
City:
Houston
Control #:
US-OG-832
Format:
Word;
Rich Text
Instant download
Description
How to fill out Take Or Pay Gas Contracts?
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FAQ
A contract provision is a stipulation within a contract, legal document, or a law. A contract provision often requires action by a specific date or within a specified period of time. Contract provisions are intended to protect the interests of one or both parties in a contract.
Take or pay is a type of provision in a purchase contract that guarantees the seller a minimum portion of the agreed on payment if the buyer does not follow through with actually buying the full agreed amount of goods. Take or pay provisions can commonly be found in the energy sector, where overhead costs are high.
The fact that a take-or-pay payment is not due as a result of a contract breach or default (rather, it flows from the buyers valid choice not to take the TOP Quantity) is one of the key reasons why most English and U.S. courts have found take-or-pay clauses to be enforceable when a buyer challenges the clause as being
It is simply a contract to supply a quantity of gas over a period of time.
Put or Pay Contract means a contract entered into by the consolidated city with any person whereby the city guarantees the provision of a specified amount of waste to the person and the city is obligated to pay the person a specified amount for waste that is not so provided.
Take or pay is a provision, written into a contract, whereby one party has the obligation of either taking delivery of goods or paying a specified amount. Take or pay provisions benefit both the buyer and the seller by sharing risk, and can benefit society by facilitating trade and reducing transactions costs.
Requirements contract is a contract between a supplier or manufacturer and a purchaser where the seller agrees to provide the purchaser with all the goods that the purchaser needs, and the buyer agrees to purchase the goods exclusively from the supplier.
orpay clause is essentially an agreement whereby the buyer agrees to either: (1) take, and pay the contract price for, a minimum contract quantity of commodity each year (the TOP Quantity); or (2) pay the applicable contract price for such TOP Quantity if it is not taken during the applicable year.
orpay provision obligating the buyer in a sale of goods contract to either buy and take delivery of a minimum quantity of goods or to pay the seller for any shortfall. This Standard Clause has integrated drafting notes with important explanations and drafting and negotiating tips.
