This form is used when Assignor grants, assigns, and conveys to Assignee a percentage of the net profit interest in the Working Interest. The Net Profits Interest is the stated percentage interest in the share of monies payable for gross production attributable to the Working Interest less the costs and expenses attributable to the Working Interest.
The New Mexico Assignment of Net Profits Interest is a legal document that allows an individual or entity to transfer their ownership or rights to receive net profits from a specific business or venture in the state of New Mexico. This assignment provides a detailed description of the terms and conditions under which the transfer is being made. Keywords: New Mexico Assignment, Net Profits Interest, legal document, transfer, ownership, rights, business, venture, terms and conditions. There are various types of New Mexico Assignment of Net Profits Interest, including but not limited to: 1. General Assignment: This type of assignment transfers the entire net profits interest in a business or venture to another party. It involves a complete handover of ownership and the rights to receive net profits. 2. Partial Assignment: In this type of assignment, only a portion of the net profits interest is transferred to another party. The assignor retains a percentage or specific amount of the net profits interest while transferring the remaining portion. 3. Conditional Assignment: This assignment of net profits interest is contingent upon certain predetermined conditions. It means that the transfer of net profits interest only occurs if certain events, factors, or conditions are met. 4. Revocable Assignment: Here, the assignor reserves the right to revoke or cancel the assignment of net profits interest at any time. It provides flexibility to the assignor to change their mind or make further arrangements. 5. Irrevocable Assignment: This type of assignment is permanent and cannot be revoked or canceled once executed. The assignor relinquishes all ownership and rights to the net profits interest, with no possibility of reversal. 6. Automatic Assignment: An automatic assignment involves the transfer of net profits interest without the need for any specific action or agreement at a later stage. It typically occurs upon the fulfillment of certain conditions or the occurrence of an event. 7. Assignment of Future Profits: This assignment type enables the assignor to transfer their ownership or rights to receive future net profits from a business or venture that has not yet generated such profits. It is commonly used in agreements where anticipated future profits are involved. Overall, the New Mexico Assignment of Net Profits Interest is a vital legal instrument that allows individuals or entities to transfer their ownership or rights to receive net profits from a business or venture in the state of New Mexico. The specific type of assignment chosen depends on the circumstances and preferences of the parties involved.
