17:17
KS does negotiate! I got an email saying theyre doing it for the first time this year
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Simple English definitions for legal terms
granting clause
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A quick definition of granting clause:
A granting clause is a part of a legal document, like a deed or lease, that transfers ownership or rights to someone else. For example, in an oil-and-gas lease, the granting clause would specify what rights the lessee has to use the land and what substances they can extract from it.
A more thorough explanation:
Definition: The granting clause is a set of words that transfer an interest in a deed or other legal instrument, such as an oil-and-gas lease. In an oil-and-gas lease, the granting clause typically specifies the rights transferred, the uses permitted, and the substances covered by the lease.
Example: An example of a granting clause in an oil-and-gas lease might read: "The Lessor hereby grants, leases, and lets exclusively to the Lessee the right to explore, drill, and produce oil, gas, and other minerals from the leased premises."
This example illustrates how the granting clause specifies the rights transferred (the right to explore, drill, and produce oil, gas, and other minerals), the uses permitted (exclusive use by the Lessee), and the substances covered by the lease (oil, gas, and other minerals).