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LSDefine

Simple English definitions for legal terms

production payment

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A quick definition of production payment:

A production payment is a type of agreement in the oil and gas industry where a person or company receives a share of the oil and gas produced from a property. This share is given without having to pay for the costs of production. The agreement ends once a certain amount of money has been paid to the person or company.

A more thorough explanation:

A production payment is a type of agreement in the oil and gas industry where an investor receives a share of the production from a property, without having to pay for the costs of production. This agreement ends once an agreed-upon sum has been paid.

Let's say that a company owns an oil well and wants to raise money to fund its operations. The company could enter into a production payment agreement with an investor. The investor would provide the company with a lump sum of money upfront, and in return, the investor would receive a share of the oil produced by the well. The investor would not have to pay for any of the costs associated with drilling or operating the well. Once the agreed-upon sum has been paid to the investor, the agreement would end.

Another example could be a landowner who owns a piece of land with oil and gas reserves. The landowner could enter into a production payment agreement with an oil and gas company. The company would pay the landowner a share of the production from the property, without having to pay for the costs of production. This agreement would end once the agreed-upon sum has been paid to the landowner.

These examples illustrate how a production payment agreement works in the oil and gas industry. It allows investors or landowners to receive a share of the production without having to pay for the costs of production, while also providing companies with a way to raise money to fund their operations.

production of suit | productio sectae

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triplethread
11:12
is it bad i lied about getting into case western bc my parents are bugging me about my first a
@BookLover125: they are so impressed with your application they are renaming the library after you before admitting you
Do you know not everyone says they were ED?
11:12
No they shouldn’t be bugging you this is stressful enough without them adding More. Do what u gotta do
11:13
Got jokes I see
triplethread
11:13
its sooo stressful and im not even done applying
Just apply and get the A lol
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
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