Ohio Ratification of Oil and Gas Lease by Party Claiming An Outstanding or Adverse Interest
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How to fill out Ratification Of Oil And Gas Lease By Party Claiming An Outstanding Or Adverse Interest?
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FAQ
Indemnification is the assumption of another party's liability under a contract, such as a lease. Therefore, under an indemnification clause, tenants typically agree to reimburse the landlord, or pay directly, ?all losses, claims, suits, liability, and expense? related to a liability situation.
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.
Record Title: Primary ownership of an interest in an oil and gas lease including the obligation to pay rent, and the right to transfer and relinquish the lease. Overriding royalty and operating rights are severable from record title interests.
What is an Indemnification Clause? In the simplest terms, an indemnification clause identifies who is responsible if a third party (e.g., a customer) is injured on or around the leased property. Most often, the injury refers to a physical injury, such as when a customer slips and falls on a wet floor.
?Under the Mutual indemnity regime, each party to the contract agrees to take responsibility for, and to indemnify the other against, injury and loss to its own personnel and property and its own 'consequential losses' (by this, the parties generally mean loss of profit and other economic losses).
The lessee of an oil or gas lease can assign the entire lease or part of it. In other words, the lessee can sell or transfer part of the estate or the entire estate to which they have the working rights. The assignee is assigned the working interest and lease obligations, including override royalty.
A good indemnification clause should be negotiated to make the oil and gas company responsible for defending and indemnifying the landowner should a claim be brought due to the operations or activities of the oil and gas company.
Indemnification is protection against loss or damage. When a contract is breached, the parties look to its indemnity clause to determine the compensation due to the aggrieved party by the nonperformer. The point is to restore the damaged party to where they would have been if not for the nonperformance.
