5. If it is a proposal to jointly purchase oil and gas facilities, real estate or leases, there may be a fixed-term contract that is not in competition If you spend a lot of time and energy negotiating the confidentiality agreement, then there is a problem. There are clear industry standards – and they are beneficial to all concerned. The only issue that should ever be the subject of serious debate is the scope (often geographical) and duration of the non-competition clause. 2. An agreement that binds your contractors, employees and other advisors to the confidentiality agreement 4. An agreement to return all valuation documents (and copies) to you if a sale is not completed If you wish to purchase oil and gas properties, you may assume that you are required to enter into an agreement on the confidentiality of the information and data exchanged before entering into negotiations. In short, you must keep a lot of information confidential. The provisions that generally appear in such an agreement include: 6. corrective measures in the event of a breach of the confidentiality agreement, including a forum for the settlement of all disputes, and the contractual transfer of legal fees to the practising agent Similarly, it is essential that your contractors and collaborators be aware of the nature of the confidential relationship – and that the information be provided , that you receive, be managed confidentially. Beyond the obvious legal problems for your negligence, your credibility will be totally lost. You are responsible if your contractors or employees are negligent – confidentiality is your role, and that is a serious thing. Confidentiality is a serious matter, and serious buyers (and their contractors, employees and agents) take it seriously.
If someone doesn`t, they shouldn`t be on the acquisition team. DISCLAIMER: The information on this website is not intended to provide legal advice, legal recommendations or legal representations in any matter. You must personally consult a lawyer for legal advice regarding your individual situation. THE WILHELM LAW FIRM, 5524 Bee Caves Road, Suite B5; (512) 236 8400 (telephone); (512) 236 8404 (fax); www.wilhelmlaw.net Edward Wilhelm and Jack Wilhelm support buyers and sellers of oil and gas properties. 1. Identification of confidential material.