Surrender and Relinquishment Clause Samples
The Surrender and Relinquishment clause defines the process by which one party voluntarily gives up its rights, interests, or claims to a particular asset, property, or contractual benefit. In practice, this clause typically outlines the formal steps required for surrender, such as providing written notice or executing specific documents, and may specify the timing and conditions under which relinquishment becomes effective. Its core function is to ensure a clear and legally recognized transfer or termination of rights, thereby preventing future disputes over ownership or entitlement.
Surrender and Relinquishment. 5.1 If the Owner is required by the Petroleum Act to relinquish (including as part of any renewal application), or the majority of the holders of the Exploration Permits agree to surrender, all or part of an Exploration Permit, then the Owner may reduce the area of the Exploration Permit or that part of the Exploration Permit which is being relinquished or surrendered and upon such reduction, but subject to the rights arising on Revival (as defined below), this Deed no longer applies to that area so reduced and those parts of the Land which relate to the Exploration Permit or that part of the Exploration Permit which has been relinquished or surrendered. The Owner will notify the Royalty Holder of any reduction or surrender undertaken under this clause from time to time.
5.2 If any part of the area of any Exploration Permit, as at the Effective Date, is relinquished or surrendered and another permit is subsequently granted to or acquired by the Owner or an Associated Party of the Owner over any part of the same area within five years of its relinquishment or surrender (Revival), then upon such Revival the Land which relates to the relinquished or surrendered area that is included in the new permit will again become subject to this Deed and the obligation to pay the ORRI by the Owner as if its proportionate interest in such new permit were part of the Permit Interest in the Lands which are the subject of the Exploration Permits. The Owner agrees to enter into any documentation reasonably required by the Royalty Holder in order to give effect to this.
Surrender and Relinquishment. The Lessee may at any time, release this Lease as to part or all of the lands above described, after which all payments thereafter to accrue, as to the lands released, shall cease and desist. In the event of a partial release, the annual delay rental above mentioned shall be reduced proportionately. The owner(s) and holder(s) of this Lease at the time it expires or is terminated shall discharge this Lease of record and furnish the Lessor with a copy of the recorded release.
Surrender and Relinquishment. Company may, on approval of the Secretary, surrender any portion of the Contract Premises subject to this Agreement from the provisions hereof by the payment of the sum of $100.00 and all rentals, royalties and other obligations then due; provided, that Company makes a showing to the Superintendent that full provision has been made for conservation and protection of the surface and mineral estates and the proper abandonment of all ▇▇▇▇▇ located on Contract Premises to be surrendered. If the surrender of Contract Premises made by Company pursuant to this Section is approved by the Secretary, the surrender shall be effective on the date made without regard to the date of approval of the surrender.
Surrender and Relinquishment. The Lessee may at any time, by paying Lessor all amounts then due as provided herein, surrender and cancel this lease insofar as the same covers all or any portion of the leased premises and be relieved from further obligations or liability hereunder with respect to the lands so surrendered; provided, that no partial surrender or cancellation of this lease may comprise tracts of less than approximately forty (40) acres or governmental lot corresponding to a quarter–quarter section. In the event of a partial surrender all payments and rentals shall be reduced proportionately, and notice of such action shall accompany the next payment following such surrender and shall identify those lands surrendered. Upon termination of this lease, in whole or part, ▇▇▇▇▇▇ agrees to file for record in the County concerned a duly executed and acknowledged release of all or such parts of the leased premises surrendered and deliver a copy of said recorded release to Lessor.
Surrender and Relinquishment. If a Permit or the Law requires the Parties to surrender or relinquish any portion of the Permit Area, Operator shall advise the Operating Committee of such requirement at least 90 Days in advance of the earlier of the date for filing irrevocable notice of such surrender or Amending Deed – Joint Operating Agreement (Beetaloo JV) 93 relinquishment or the date of such surrender or relinquishment. Before the end of such period, the Operating Committee shall determine under clause 5 the size and shape of the surrendered or relinquished area, consistent with the requirements of the Permit and the Law. If a sufficient vote of the Operating Committee cannot be attained, then the proposal supported by a simple majority of the Participating Interests shall be adopted. If no proposal attains the support of a simple majority of the Participating Interests, then the proposal receiving the largest aggregate Participating Interest vote shall be adopted. In the event of a tie, Operator shall choose among the proposals receiving the largest aggregate Participating Interest vote. The Parties shall sign any documents and take such other actions as may be necessary to effect the surrender or relinquishment. Each Party renounces all claims and causes of action against Operator and any other Parties on account of any area surrendered or relinquished in accordance with the foregoing but against its recommendation if Hydrocarbons are later discovered under the surrendered or relinquished area.