13:10
oh so you submitted the apps with a lower lsat and then retook
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Simple English definitions for legal terms
back-in right
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A quick definition of back-in right:
Back-in right: A type of agreement in the oil and gas industry where the original owner of a lease can regain a share of the profits after the new owner recovers their costs from production.
A more thorough explanation:
A back-in right is a type of reversionary interest in an oil-and-gas lease. It entitles the assignor to a share of the working interest after the assignee has recovered specified costs from production.
For example, let's say Company A assigns an oil-and-gas lease to Company B. The lease includes a back-in right for Company A, which means that once Company B recovers its specified costs from production, Company A has the right to regain a share of the working interest in the lease.
Another example could be a landowner who leases their land to an oil company. The lease agreement includes a back-in right for the landowner, which allows them to regain a share of the working interest in the lease after the oil company recovers its specified costs from production.
Overall, a back-in right is a way for the assignor to retain some ownership and control over the oil-and-gas lease, even after assigning it to someone else.