This is a Preferential Right to Purchase Production form. The assignor reserves the right at any time and from time to time to purchase or designate a purchaser for all of assignees oil and other liquid hydrocarbons produced and saved from the interests in the lands and leases that are the subject of this assignment.
Guam Preferential Right to Purchase Production
Category:
State:
Multi-State
Control #:
US-OG-505
Format:
Word;
Rich Text
Instant download
Description
How to fill out Preferential Right To Purchase Production?
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FAQ
1. n. [Oil and Gas Business] The right that nonselling participating parties have in a lease, well or unit to proportionately acquire the interest that a participating party proposes to sell to a third party.
Preferential Purchase Rights means rights of any Person (other than rights of condemnation, eminent domain, or other similar rights of any Person) to purchase or acquire any interest in any of the Purchased Assets, including rights that are conditional upon a sale of any Purchased Assets or any other event or condition ...
The Guam Procurement Act establishes procedures and remedies to resolve contract and breach of contract controversies between the territory and a contractor. It is the territory's policy, consistent with this Act, to try to resolve all controversies by mutual agreement without litigation.
Under federal procurement law, there are certain activities that are deemed ?inherently governmental functions? (e.g., conducting criminal investigations, commanding military forces, or conducting foreign relations), which must be performed by government employees and cannot be performed by contractors.
