Agreement Provisions: Building a Checklist of What is Important and Why
It is important to develop a series of checklists or forms that can be used to draft agreements for specific transactions. These are needed whether the agreements are development agreements, leases, or letters to be used in many day-to-day operations.
There are various types of agreements used in the minerals industry to acquire rights to explore and develop properties, or to develop jointly owned or pooled tracts of properties. In the hardrock minerals industry, the most commonly used forms for acquiring rights in properties are leases, joint venture agreements, assignments, and deeds. The most commonly used form for developing a jointly owned mining property is a joint venture agreement. In the oil and gas industry, the most commonly used forms for acquiring rights in properties are leases, farmout agreements, and assignments. The most commonly used forms for developing a jointly owned or pooled tract of oil and gas property are joint operating agreements, communitization agreements, and unit agreements.
As discussed in Part IV of this paper, the mining and oil and gas industries have developed standardized forms for joint venture agreements and joint operating agreements. Those forms typically serve as the starting point for the negotiation of such agreements, and most of the negotiating focuses on the financial and business terms that are unique to the dea
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