California Damage Release Agreement for Drilling Operations

State:
Multi-State
Control #:
US-OG-392
Format:
Word; 
Rich Text
Instant download

Description

This form is used when Payee releases, acquits, and discharges Payor, and all its agents, employees, and contractors from any and all claims, demands, actions, and causes of actions, for all injuries and damages of whatever nature or kind to or as a consequence of Payor's work, activity, or operations on the lands described in the release.

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FAQ

The releasor is the party who is releasing a possible claim in exchange for something of value. Who is the releasee? The releasee is the party who is being released from a claim or possible claim.

Release. 1) v. to give up a right as releasing one from his/her obligation to perform under a contract, or to relinquish a right to an interest in real property. 2) v. to give freedom, as letting out of prison.

Drilling operation is the first contact between the formation and the nonnative fluids and equipment. Drilling fluids play a vital role during the drilling operations by lubricating the bottom-hole assembly, cooling the drilling bit, lifting-up the cuttings, and forming impermeable filter cakes.

The releasor is the party who agrees to release a potential claim in exchange for something of value. The releasee is the party being released from the claim or a potential claim. The releasor receives consideration in the way of compensation for releasing the claim.

The main difference between releases and waivers is the transferring of ownership. When rights are released, they are transferred to another party. When rights are waived, they are gone altogether.

State laws treat release forms as contracts. As long as all parties agree to the terms of the contract, the release agreement is enforceable. There are circumstances when the courts will not enforce a release or a waiver: Thank you for subscribing!

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California Damage Release Agreement for Drilling Operations