Virginia Ratification of Lease and Bonus Receipt For Party Not Signing Lease, Or Who Does Not Own Executive Rights
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How to fill out Ratification Of Lease And Bonus Receipt For Party Not Signing Lease, Or Who Does Not Own Executive Rights?
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FAQ
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.
Except as modified hereby, all other terms and conditions of the Lease remain unchanged and in full force and effect and are hereby ratified and confirmed by the parties hereto. Tenant accepts the Existing Premises in its ?as is? and ?where is? condition.
For example, if you go on vacation and provide permission to an employee to sign a contract on your behalf, you may be then asked to ratify it. This means that through your words or actions, you are accepting the terms of the contract.
Except as specifically amended hereby, the Agreement is hereby ratified and confirmed in all respects and remains in full force and effect, it being the intention of the parties hereto that this Amendment and the Agreement be read, construed and interpreted as one and the same instrument.
The ratification clause in a contract defines terms for the approval of the contract by the membership of the organization. Some organizations have contracts that are negotiated by a bargaining committee and are then put forward to be approved by the membership of the organization.
Ratification Defined. An agreement ratifying and confirming a lease executed by a concurrent owner other than the original lessor or conduct by such person which by implication ratifies and confirms the lease.