This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
West Virginia Take Or Pay Gas Contracts
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Multi-State
Control #:
US-OG-832
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Word;
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How to fill out Take Or Pay Gas Contracts?
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FAQ
orpay provision obligating the buyer in a sale of goods contract to either buy and take delivery of a minimum quantity of goods or to pay the seller for any shortfall. This Standard Clause has integrated drafting notes with important explanations and drafting and negotiating tips.
For any product the company takes, they agree to pay the supplier a certain price, say $50 per ton. Furthermore, up to an agreed-upon ceiling, the company is required to pay the supplier even for products they do not take. This "penalty" price is lower, say $40 a ton.
A contract used in the oil & gas industry that obligates the buyer to take an agreed minimum quantity of gas at a set contract price over a given period of time or to pay an agreed-on amount if the minimum gas quantity is not taken.
In its most basic format, a ToP clause requires a buyer to either (1) purchase and take a minimum contract quantity (the ToP quantity of a good or service delivered) or (2) pay the applicable contract price for that portion of the ToP quantity of goods or services not taken.
What is Take or Pay? The take or pay (TOP) is a contractual clause requiring the buyer to take the delivery of a specific amount of goods or services from the seller or pay a fine if they do not. Thus, it protects the seller against potential losses if the buyer refuses to complete the purchase by a particular date.
For any product the company takes, they agree to pay the supplier a certain price, say $50 per ton. Furthermore, up to an agreed-upon ceiling, the company is required to pay the supplier even for products they do not take. This "penalty" price is lower, say $40 a ton.
Take or pay is a type of provision in a purchase contract that guarantees the seller a minimum portion of the agreed-on payment if the buyer does not follow through with actually buying the full amount of goods.
Definition. ?Take-or-Pay Contract? is one of the three most used LNG contracts type, see comments below. Take-or-Pay Contract are written agreements between a buyer and seller that obligate the buyer to pay regardless of whether or not the seller delivers the good or service.
