This provision provides that the assignee agrees to carry out all of the express and implied undertakings contained in the oil and gas leases and imposed on the original Lessees, and indemnify and hold Assignor harmless from and against Assignees failure to comply with the terms of the leases.
Virginia Assumption of Lessee's Obligations Under Oil and Gas Leases
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FAQ
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.
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.
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.
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.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
?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).
As used in an oil & gas lease, the habendum clause sets out the duration of a lease, usually a specified number of years called the primary term, during which the lease remains in effect even if there is no production in paying quantities.
