Simple English definitions for legal terms

operating agreement

Read a random definition: confession of judgment

A quick definition of operating agreement:

An operating agreement is a contract between people who own a part of an oil or gas well. It explains what they agree to do when they drill, develop, operate, and keep track of the money made from the well.

A more thorough explanation:

An operating agreement is a legal contract between the owners of a working interest in an oil or gas well. This agreement outlines the parties' agreements regarding drilling, development, operations, and accounting.

For example, if a group of individuals owns a working interest in an oil well, they may create an operating agreement to establish how the well will be operated and how profits will be distributed. The agreement may include provisions for drilling new wells, maintaining existing wells, and managing the production of oil or gas.

Another example could be a partnership between two companies to develop a natural gas field. The operating agreement would outline the responsibilities of each company, the timeline for development, and how profits would be shared.

Overall, an operating agreement is a crucial document for ensuring that all parties involved in the production of oil or gas are on the same page and working towards a common goal.

opening statement | operation of law


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and UPenn for that matter! Would be greatly appreciated
yay pookie! congrats!
omg this guy on the deposition is screamingggg
And congrats!!!!!!<3
like it's crazy
i've heard great things about UVA! I visited upenn and hated it so much / felt so uncomfy there and the starbucks by campus got robbed while i was there waiting for my tour to start lol
@OptimisticOutlier That sounds terrible, I'm sorry you had to experience that lol. Can I ask what made you feel uncomfortable? Like the sketchy vibes of the city or like the camp\us itself etc.?
penn is in a nice area
right next to drexel
it was campus itself, honestly i can't explain what it actually is. I felt the same way when I was touring schools for undergrad, pretty much pulled up to upenn and told my mom i knew i didn't like it and didn't need to take the tour lol
would argue with the nice area piece lol i think all of philly is kinda scary, someone pulled a gun on my team while we were down for a football game at upenn and walking around at night
but that said, i'm pretty happy i moved to pa after school and i know lots of people love upenn!
dear god is that sketchy
definetly safer than how its being described
people are absolutely crwzy
yeah yeah will 10000% agree i've had like bad outlier experiences lol
u are the optimistic outlier after all
how do i tell my boss im quitting and need to take off on monday (visiting ND on monday to meet with dean and check the vibes, was gonna put in my 2 weeks regardless
i luv being an art hoe snob
believe it or not i didn’t miss any calls
Lol all of philly is a dumpster fire
Yet i am moving there for law school in 14 days lol
@OptimisticOutlier: congratulations!!!
I live in that area. It isn't bad at all
[] ararara
Optimistic whaaaaaat?! Now we’ve gotta have some fun! Did we disco? Take your lil victory lap I know that’s right! Make sure to leave some wisdom behind on your profile for the future users!
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