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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 ?
266) Likewise, if Congress really intends to override a standard with respect to one statute but not other statutes, it could codify a precedent in the "other" statute while overriding the precedent in the "primary" statute.
Thus, a potential objection might be that it would have the effect of overriding "more" than Congress could get a clear majority to approve in statutory text.
As this Article was being finalized for publication, Congress enacted the ADA Amendments Act, overriding two seminal Supreme Court cases that interpret the meaning of "disability" under the ADA.
Overriding Supreme Court Statutory Interpretation Decisions, 101 YALE L.
reasonable and realistic planning may obviate the need for overriding a
then-existing 'interpretation' of its basis for overriding the
treated this bridge contract as "tantamount to overriding the
In addition, Maxx has acquired an option to earn a 100% working interest subject to a non-convertible overriding royalty interest in 20,000 acres of Devonian rights which are below the Mississippian.
Under the deal, ARCO will convert its 60 percent working interest in the Sunfish prospect into a sliding-scale, overriding royalty interest on any future production.
Thomson into a sliding-scale, overriding royalty interest.
25 per share of LVR, a 5 percent gross overriding royalty on current production and any new development, and a $5,000,000 capital work commitment on the properties over the next 3 years.
50 per share of FDE, a 5 percent gross overriding royalty on current production and any new development, a 25 percent net profit interest on production from the Lightning field, a capital work commitment on the properties over the next 3 years and other future considerations.