This form is used to promote conservation, increase the ultimate recovery of Unitized Substances of the specified lands and to protect the rights of the owners, it is deemed necessary and desirable to enter this Agreement, in conformity with (Applicable State Statute), to unitize the oil and gas rights in the Unitized Formation in order to conduct Unit operations for the conservation and utilization of Unitized Substances as provided in this Agreement.
Puerto Rico Unitization Agreement
State:
Multi-State
Control #:
US-OG-776
Format:
Word;
Rich Text
Instant download
Description
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FAQ
A principal may be surprised to learn that, under Art. 2 of Act 75, it may neither terminate nor refuse to renew a dealership upon its expiration, except for ?just cause?. Failure to have just cause entitles the dealer to recover significant damages and penalties from the principal.
To start a corporation in Puerto Rico, you'll need to do three things: appoint a registered agent, choose a name for your business, and file Certificate of Incorporation with the Department of State. You can file online or by mail. The certificate costs $150 to file.
Act 75 implements one of the most comprehensive dealer protection schemes in the United States. It limits the principal's ability to modify the terms of business with the dealer and imposes severe penalties on principals who end such contracts without just cause.
Distribution Law 75 is unique to Puerto Rico; few jurisdictions have enacted similar laws. Law 75 is a patriarchal law that regulates the relationship between principals and on-Island distributors. It creates a complex framework for business and commercial relationships that is unique to Puerto Rico.
Law 21 prohibits a principal from terminating its agreement with an exclusive sales representative without just cause.