This operating agreement is used when the Parties to this Agreement are owners of Oil and Gas Leases and/or Oil and Gas Interests in the lands identified in Exhibit A to the Agreement. The Parties have reached an agreement to explore and develop the Leases and/or Oil and Gas Interests for the production of Oil and Gas to the extent and as provided for in this Agreement.
Delaware Joint Operating Agreement 89-03 Revised is a legal document commonly used by corporations in Delaware to govern their joint business activities. This agreement establishes the respective rights, responsibilities, and obligations of the parties involved, outlining the framework for collaboration and decision-making. Key aspects covered in this agreement include profit-sharing, liability sharing, dispute resolution mechanisms, and operational guidelines. There are two main types of Delaware Joint Operating Agreement 89-03 Revised, namely: 1. Limited Liability Company (LLC) Agreement: This type of agreement governs joint ventures or partnerships where the participating entities are structured as limited liability companies. LLC agreements under Delaware Joint Operating Agreement 89-03 Revised ensure that the coherent operations of the joint venture adhere to legal requirements while protecting the individual members' interests. 2. Corporation Agreement: This type of agreement applies to joint ventures involving corporations as the participating entities. Delaware Joint Operating Agreement 89-03 Revised for corporations defines the roles and responsibilities of the entities involved, addresses profit allocation, outlines dispute resolution mechanisms, and ensures compliance with relevant state laws. Delaware Joint Operating Agreement 89-03 Revised is crucial for businesses collaborating under a legal framework in Delaware. By delineating the rights, responsibilities, and dispute resolution mechanisms, this agreement helps foster a smooth and efficient operation of joint ventures while providing legal protection to all involved parties.
