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In the oil and gas industry, a farmout agreement is an agreement entered into by the owner of one or more mineral leases, called the "farmor", and another company who wishes to obtain a percentage of ownership of that lease or leases in exchange for providing services, called the "farmee." The typical service described in farmout agreements is ...
An alternative approach involves an agreement, or joint venture, between a landowner or tenant and a contractor to farm an area of land. As implemented in the United Kingdom, this model is based on a contractor carrying out all farming activities, receiving a fixed fee to cover its costs, together with a share of the eventual profits.
Some sources derive "farm" with its French version ferme, most notably used in the context of the Fermiers Generaux, from the mediaeval Latin firma, meaning "a fixed agreement, contract", ultimately from the classical Latin adjective firmus, firma, firmum, meaning "firm, strong, stout, steadfast, immoveable, sure, to be relied upon". [1]
Tenant farmer on his front porch, south of Muskogee, Oklahoma (1939). A tenant farmer is a person (farmer or farmworker) who resides on land owned by a landlord.Tenant farming is an agricultural production system in which landowners contribute their land and often a measure of operating capital and management, while tenant farmers contribute their labor along with at times varying amounts of ...
Part C of the NCA, [4] dealing with the various categories of credit agreements, excludes a lease of immovable property from these categories. This means that a credit agreement does not include a lease of immovable property. It also means that the definition of a contract of letting and hiring of immovable property remains the same.
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