Arkansas Affidavit As to Termination of Production Payment

• Category: Oil Gas and Minerals - Affidavits
• State: Multi-State
• Control #: US-OG-171
• Format: Word; Rich Text

Description

An affidavit is statement of facts which is sworn to (or affirmed) before an officer who has authority to administer an oath (e.g. a notary public). This affidavit form is used when the Production Payment is deemed to have been satisfied and no longer burdens the Oil and Gas Leases on the Land.

An Arkansas Affidavit As to Termination of Production Payment is a legal document used in the state of Arkansas to officially declare the termination or end of a production payment agreement. This affidavit provides a detailed account of the reasons for termination, ensuring both the party terminating the agreement and other involved parties are aware of the cessation. Keywords: Arkansas Affidavit, Termination of Production Payment, legal document, production payment agreement, termination, end, affidavit, cessation. Types of Arkansas Affidavit As to Termination of Production Payment: 1. Voluntary Termination Affidavit: This type of affidavit is used when the termination of the production payment agreement is initiated willingly by the party responsible for making the production payments. It outlines the voluntary decision and the specific reasons for terminating the agreement. 2. Default Termination Affidavit: In cases where the party receiving the production payments has violated the terms and conditions of the agreement, the party responsible for making the payments may initiate a default termination. This type of affidavit provides evidence of the default and explains the reasons behind the termination. 3. Mutual Termination Agreement Affidavit: Sometimes, both parties involved in the production payment agreement mutually agree to terminate the contract. This affidavit acts as a formal declaration, outlining the agreement between the parties and their reasons for the mutual termination. 4. Bankruptcy Termination Affidavit: In situations where the party responsible for making the production payments has declared bankruptcy, the other party may seek to terminate the agreement. This affidavit is used to document the termination due to bankruptcy and the related circumstances. 5. Non-compliance Termination Affidavit: If the party receiving the production payments fails to comply with the terms and conditions stipulated in the agreement, the party making the payments can commence a termination process. This affidavit provides evidence of non-compliance and describes the resulting termination action. Overall, the Arkansas Affidavit As to Termination of Production Payment is a vital legal document used to formally terminate production payment agreements in Arkansas. It ensures transparency and clarity in the termination process, providing comprehensive details regarding the reasons and circumstances leading to the end of the agreement.