We’ve been sent a lease offer. We would like to counter the offer. Do we draft a new lease, sign and notarize it and send that back to the company? OR do we strike through and add our verbiage, sign and notarize and send back?
Thank you.
I start with attempting to agree on the basic terms: royalty, bonus, and term length. Once that is accomplished I generally forward a proposed Addendum and request their OGL form. Since you already have the form, You can either redline the sections you want to omit or change and submit with your requested changes. Do not execute the OGL until you have a document that is acceptable to both parties.
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Thank you for replying. Will redline and attach addendum.
Do not send an executed lease without getting paid at the same time. Lots if discussion on this point in other threads.
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I never amend a lease and send it back. I communicate with the landman in writing for the exact changes I need and have them revise and resend a new lease.
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Thank you for replying. Sounds like I negotiate docs first, agree to sign, sign/notarize and do not send until funds are received.
Thank you for your reply. Will contact the landman with revisions.