During years when the oil and gas market is in a downturn and companies begin to face cash flow issues, it is common to see an increase in late or unpaid material and service invoices. It is important during these times for companies to carefully monitor and take the proper steps associated with the potential filing of liens against oil and gas properties. A few points to consider related to late payments and the filing of oil and gas liens:
Diligence in timely identifying unpaid invoices, proper record keeping regarding dates that services are initiated and completed and attention to demand letters and lien notices are critical to managing liens on oil and gas properties. This diligence will pay off in protecting valuable rights related to oil and gas properties and payment for services and materials.
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