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A ratification of an existing Texas oil and gas lease usually executed by a non-participating royalty interest owner or a non-executive mineral interest owner. It can be used for transactions involving business entities or private individuals.
The Companies hereby ratify and confirm all of the terms and provisions of the Note Purchase Agreement and the other Transaction Documents and agree that all of such terms and provisions, as amended hereby, remain in full force and effect, except as, and to the extent expressly set forth herein.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
The adoption of a convention and its ratification by a state only goes part of the way in countering corruption. Because of this ratification constraint, veto players influence international trade agreements. But the ratification of these treaties has not led to immediate enforcement powers in national law.
For example, if James purchases something for Peter, Peter can receive the item and apply it for his own use. When a contract is ratified, the person signing accepts the advantages and disadvantages of the agreement.
The ratification clause defines rules for voting on and ratifying a contract and its amendments.
To ratify means to approve or enact a legally binding act that would not otherwise be binding in the absence of such approval.
For example, if A's brother B leased his house to C without A's permission, and A accepts the rent paid by C, it can be considered as ratification by A. Presence of Principal: The principal must be present at the time the act is performed.