After Acquired Rights, Restraint on Alienation and Perpetuities Problems in Joint Venture Agreements
Keywords:Energy Law, Petroleum Law
AbstractThe typical joint venture agreement has a schedule attached to it describing the lands that are subject to the agreement. To prevent a party from obtaining an advantage in the acquisition of adjoining lands as a result of information obtained from the joint venture, the agreement often contains an after acquired rights clause. There are many reasons why a party to a joint venture agreement desires the right to determine who its partners will be, and to accomplish this, the joint venture agreement usually contains a clause restraining alienation of the property subject to the agreement. This article discusses the use of after acquired rights clauses and restraints on alienation in joint venture agreements and concludes with a consideration of the effect of the Rule against Perpetuities on the after acquired rights clause.
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