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Simple English definitions for legal terms

contribution agreement

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A quick definition of contribution agreement:

A contribution agreement is a contract between people or companies in the oil and gas industry. It is an agreement to work together to explore for oil and gas. One party agrees to give money or property to another party if they will drill a well on their land and share information from tests. The party giving the money gets valuable information, and the party receiving the money gets help with the cost and risk of drilling. It is also called a support agreement, and it helps both parties work together to find oil and gas.

A more thorough explanation:

A contribution agreement is a contract between two or more parties in the oil and gas industry. The purpose of this agreement is to promote exploratory operations by agreeing to contribute money or property to another party if they drill a well on leases that they hold and provide the contributing party with information from tests conducted.

For example, if Company A holds leases for oil and gas exploration but lacks the funds to drill a well, they may enter into a contribution agreement with Company B. Company B agrees to provide the necessary funds for drilling the well, and in return, Company A provides Company B with information from tests conducted on the well.

Contribution agreements are beneficial for both parties. For the contributing party, it is a purchase of geological or technological information. For the party receiving the support, the contribution lessens the cost or the risk of drilling operations.

Other types of agreements in the oil and gas industry include dry-hole agreements, bottom-hole agreements, and acreage-contribution agreements.

contributio lucri et damni | contribution bar

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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