This agreement form is used when the Parties, as Working Interest Owners, have executed an agreement which provides for a separate agreement by the Working Interest Owners to provide for Unit Operations as defined in the Unit Agreement.
Typically, the agreement lasts as long as the owners want it to, or until there’s a major change in ownership. It’s like a long-term commitment without an expiry date.
While it’s not strictly necessary, it's wise to get some legal advice. They can help ensure that everything is above board and protects everyone's interests.
The agreement usually has a conflict resolution section. It acts like a referee to help untangle any sticky situations.
Absolutely! Think of it like updating a recipe. As things change, you can tweak your agreement to suit new circumstances.
You'll typically find things like roles of owners, how decisions are made, and how profits and costs are shared. It’s the nuts and bolts of your partnership.
If you own or plan to own a unit in Orlando, having this agreement is a must. It's like having a playbook for everyone involved.
It's a document that lays down the rules and guidelines for how owners of a unit should manage and operate their property in Orlando.