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.
District of Columbia Take Or Pay Gas Contracts
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Multi-State
Control #:
US-OG-832
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Word;
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How to fill out Take Or Pay Gas Contracts?
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FAQ
A contract used in the oil & gas industry that obligates the buyer to take an agreed minimum quantity of gas at a set contract price over a given period of time or to pay an agreed-on amount if the minimum gas quantity is not taken.
For instance, if a professional football player is benched the whole season, they may get paid even if they never touched the ball? so long as that's what's been agreed upon. And thus we run into a key implication of pay or play clauses.
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 amount of goods.
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.
Under a take-or-pay contract, the buyer is not in breach if it fails to take the minimum quantity because the obligation is structured in the alternative and can be satisfied by the buyer either taking the commodity or making the agreed payment (often referred to as the take-or-pay payment).
For any product the company takes, they agree to pay the supplier a certain price, say $50 per ton. Furthermore, up to an agreed-upon ceiling, the company is required to pay the supplier even for products they do not take. This "penalty" price is lower, say $40 a ton.
An agreement that obligates the purchaser to take any product that is offered (and pay the cash purchase price) and pay a specified amount if the product is not taken.
Buyer-seller agreement where (unlike in a take or pay contract) the buyer's obligation to pay is not unconditional, but is contingent either upon the delivery of purchased goods or services or upon the buyer's consent to take the delivery.
