Correction Assignment to Correct Name of Assignee in Assignment of Oil and Gas Lease
Description
Definition and meaning
The Correction Assignment to Correct Name of Assignee in Assignment of Oil and Gas Lease is a legal document used to amend an error found in the name of the assignee as originally stated in an oil and gas lease assignment. The purpose of this correction is to clarify the true identity of the assignee, ensuring that all parties involved have a clear understanding of the contractual obligations and rights.
How to complete a form
To properly complete the Correction Assignment, follow these steps:
- Identify the original Assignment of Oil and Gas Lease by locating the relevant recording details, such as the date, volume, and page number.
- Fill in the names and addresses of both the Assignor and the Assignee.
- Clearly state the incorrect name of the assignee from the original assignment.
- Specify the correct name of the assignee.
- Ensure that both parties sign the document and provide appropriate acknowledgments as required.
Legal use and context
This Correction Assignment is essential in real estate and oil and gas transactions where contractual accuracy is crucial. It prevents disputes arising from misunderstandings related to the identity of the assignee. This document is applicable in various legal contexts, such as when transferring lease interests, ensuring that transactions adhere to proper legal principles.
Key components of the form
The Correction Assignment includes several important components:
- Assignor Details: The name and address of the person or entity making the correction.
- Assignee Details: The correct name and address of the intended assignee.
- Original Assignment Reference: Details of the original assignment to clarify what is being corrected.
- Corrected Name: The accurate name of the assignee as intended by the parties.
- Signatures: Signatures of both the Assignor and Assignee, along with necessary acknowledgments.
Common mistakes to avoid when using this form
When completing the Correction Assignment, be mindful of the following common errors:
- Failing to accurately reference the original Assignment.
- Incorrectly spelling the name of the new assignee.
- Not including necessary signatures or acknowledgments.
- Leaving out details such as effective date or county information.
How to fill out Correction Assignment To Correct Name Of Assignee In Assignment Of Oil And Gas Lease?
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FAQ
If a contract sometimes uses the wrong name, is it still valid? Yes. It is valid as long as the contract as a whole permits identifying the parties (unequivocally) and ascertaining their role with respect to the contract.
If you change core products or services or have moved into an entirely new industry, you might need to consider a new name especially if your brand specifically mentions the work you do. If that's the case, your name might be a hinderance as you go after a new market.
A name change is also a chance to freshen the brand and show consumers that the company is keeping up with the times. Often, a name change simply aligns the company with language already being used by customers. Starbucks, for example, is no longer called Starbucks Coffee, a name that its customers truncated long ago.
Changing company names amounts to a significant alteration since Memorandum of Association and Articles of Association need to be altered. As per Section 13 of the Companies Act 2013, a company may change its name by passing a special resolution in general meeting and receiving approval from the Central Government.
So basically, if the name of the company stayed the same, but the trading name changed, nothing needs to be done. If the actual name of the company changes, then your contracts will remain valid.
Line through the incorrect information (make sure the information can still be read). Make the change. Date and initial the change. Have the other party date and initial the change also, so it's clear that the change has been acknowledged by both parties.
The change of name takes effect on the date of the issue of the altered certificate. The company retains the same company number even after the change of name. The company with the altered name is the same company it was before the name change.
Draw line through entry (thin pen line). Make sure that the inaccurate information is still legible. Initial and date the entry. State the reason for the error (i.e. in the margin or above the note if room). Document the correct information.
The only time you can change the name to a different person is when you upgrade the contract as the new person has to pass the credit check.You cannot change the name on an existing contract.
