override


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override

(1) A carve-out from oil and gas lease royalty payments,usually a gross dollar amount per barrel of oil or per cubic foot of gas without diminution for costs of extraction.The override may be payable to the broker on the deal,to the attorney,or to some person other than the lessor with the mineral rights.(2) A name given to a clause, in a real estate listing contract, that requires payment of a commission to the listing broker if a buyer introduced to the property by the broker purchases the property within a certain time period after the listing agreement expires.The clause is to protect the broker for sales activities at the very end of the listing period that do not come into fruition until later.It also serves to protect the broker from buyers who learn about the property from the broker, take the broker's time in securing additional information and property inspections,and then attempt to time their offers until after the listing expiration in the hopes the seller will accept a lower price because then the seller does not have to pay a commission from the sale proceeds.

References in periodicals archive ?
They posit that the Supreme Court interprets statutes with an eye on the political make-up of the sitting Congress and the President, developing models that assume the Court will issue decisions on contested matters that are as close to its preferred policy outcomes as possible without triggering the risk of override.
They often interpret an override as establishing a narrow exception to a general rule and continue to rely upon the precedent that was overridden.
Note, however, that this definition includes, without analysis, an assumption that an override may "completely overrule the holding" of a decision "just as a subsequent Court would overrule an unsatisfactory precedent.
Partisan differences help explain why ideology does not capture all of the variance in member behavior on override attempts.
In the case of veto override attempts I argue that the most relevant "other forces" are the president, party leaders, and constituents.
the agency would prefer override and continuation of the contract.
As noted, for its override decision to be upheld, the agency must not
has been the sole Japanese automaker to fit all models with the override systems.
Japanese automakers have generally refrained from fitting their vehicles with the override systems.
Courtney said he and other Senate Democrats weren't passing bills they otherwise would have blocked in order to win GOP support for the override.
The explanation behind the difference could indicate a management override.
One of the surprising, and depressing, facts of management override is the willingness of staff to go along with the plan.