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Contract Management Process From Sale to Signing: How Verbal Agreements Become Contracts
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How do you go from sale to signing? In today’s episode of An Ounce of Prevention, host Rachel Reese speaks with Robert Ward, the Vice President of Business Development at Kuva Systems, on the tension between making a sale and getting the contract signed. They discuss Kuva’s role in methane mitigation, the sales cycle, the move from a verbal agreement to a contract, and the common points of contention in the contracting process.
As always, we end with our Case Law segment, which will discuss the implications of ConocoPhillips Company v. Kenneth Hahn for Non-Participating Royalty Interest.
For more detailed show notes, navigate using the time stamps below:
[0:00] Introduction
[1:28] Today’s episode will focus on the tension between making the sale and getting the contract signed. Our guest is Robert Ward, the Vice President of Business Development at Kuva Systems.
[1:47] Robert has been in the oil and gas space for thirty years. Six years ago, he was introduced to Kuva’s work on methane mitigation.
[6:20] Following the verbal agreement on a sale, what happens? There are a lot of variables at play, and some MSAs have preexisting conditions that can affect your deals.
[9:41] Following the Kuva team’s responsibilities, they hand things off to RR&A. They have tuned their guardrails over time to accommodate broad MSAs.
[13:17] Robert likes to educate his clients on the nuances of his product as early in the sales process as possible to prepare for common pitfalls in MSAs and labor understandings.
[14:30] Kuva is proactively trying to make things easier on the customer, both in the sales cycle and beyond.
[17:13] The methane space is complicated, and there are fears on the part of many customers. Methane regulation is not a moneymaker for these teams, but it can be addressed at scale cost-effectively.
[18:30] Today’s case is ConocoPhillips Company v. Kenneth Hahn, a recent ruling by the Texas Supreme Court that provides guidance on whether a Non-Participating Royalty Interest can later be converted into a floating royalty.
If you enjoyed this conversation and would like to discuss how RR&A’s Outsourced Legal Department can help your company, visit the R. Reese & Associates Website: https://rreeselaw.com/
Want more ways to stay up to date on the latest industry-specific news? Subscribe to our monthly newsletter: https://rreeselaw.com/insights/an-ounce-of-prevention-by-rra/
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