Each of the royalty owners who signs this instrument agrees to become a party to and be bound by the provisions of the Unit Agreement as if the original of that Agreement had been signed; and, each of the working interest owners who signs this instrument agrees to become a party to and be bound by the provisions of the Unit Agreement and the Unit Operating Agreement.
Arizona Joinder to Unit Operating Agreement and / or Unit Agreement
State:
Multi-State
Control #:
US-OG-731
Format:
Word;
Rich Text
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FAQ
There are two parties in a contract: the promisee and the promisor. A promisor refers to the party that makes the promise, while a promisee is a party that receives the promise. The other party set to benefit from a contract is referred to as a third-party beneficiary.
In civil proceedings, the combination as claimants or defendants of two or more persons in a single action.
An agreement joining a person as party to another agreement as if such person was an original party to such agreement. Joinder agreements are commonly used when new stockholders or LLC members receive equity and are made party to an existing stockholders' agreement or LLC agreement.
A joinder agreement is a legal contract used to add a new party to an original contract. Joinder agreements make the terms and conditions of the contract binding for the new party as if they were a party to the original contract.
The parties to the agreement are the parties that assume the obligations, responsibilities, and benefits of a legally valid agreement. The contract parties are identified in the contract, which includes their names, addresses, and contact information.
A joinder agreement can be a standalone document or included as an exhibit to the LLC's operating agreement. Using this type of agreement, a new member can be admitted as part of the LLC operating agreement and will be bound to its terms.
