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.
Guam Take Or Pay Gas Contracts
Category:
State:
Multi-State
Control #:
US-OG-832
Format:
Word;
Rich Text
Instant download
Description
How to fill out Take Or Pay Gas Contracts?
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FAQ
With this kind of contract, the company/customer either takes the product from the supplier or pays the supplier a penalty. For any product the company takes, they agree to pay the supplier a certain price, say $50 per ton.
Take-or-pay contracts and throughput agreements are unconditional commitments to buy goods or services from a supplier in the future, generally from a new facility created by the supplier.
A take or pay provision requires the buyer to take and pay for a quantity of LNG in a contract year, or otherwise pay an agreed price for any LNG not taken.
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.
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.
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.
Take-and-pay contract. 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.
