Land Legal Contracts LLC118

The use of the Land / Legal Contracts program is to enter general and detailed contract information. This may be used for any type of contract.

General Information Tab

Legal/Non-legal Description Tab

Insurance Tab

Geographical Tab

Associated Records Tab

Events-Parties Tab

Use this program to reference the current event occurring under the contract and the various participants who may have some type of interest within varied events.

We recommend that you use a code of ORIGIN for Origination of contract and that you reference the individuals signed to the contract as either Contractor or Contractee. However, other events may occur. For example, you might need to know the underwriter and effective date for insurance purposes.

In addition, when the contract is either a Farm Out or a Joint Operating Agreement, parties may have various interests throughout the life of the contract. You can track individuals with Carried Working Interest. There is not a direct link between this record and Joint Interest Billing or Revenue Division Orders, or Land Division Orders. Therefore, the maintenance you perform in those areas will not affect your Land / Legal Contract records.