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Oil & Gas Contract Fundamentals

Who should attend: 
  • Legal and Contracts personnel
  • Advisors
  • Administrators
  • Analysts
  • Technical and Engineers who deal with contractor and supplier contracts
  • Executives and Managers who deal with operator contracts
3 days
Course aims: 
To give participants a good understanding of the fundamentals oil and gas contract law and learning simple contract language risk mitigation techniques.  The course will help participants to learn the purpose and pitfalls of key contract clauses, as well as reduce contract review time by using the issue-spotting checklists and tools provided to each participant.
Course outline: 
  • Contracts and documentation
  • Project/Contract Structure and the Relationships of Key Parties
  • A Brief Introduction to the Law of Contracts
  • How to use the contract as a project management tool and ensure the terms remain enforceable
  • Critical Contract Clauses
  • Indemnity: The Basics, Indemnity Types, Allocating Risk with Indemnities, and Words to Watch Out for in the Clause
  • Limitation of Liability Clauses
  • Insurance: Typical Insurance Programs, Limits of Insurance and Words to Watch Out for in the Clause
  • Performance Security: Types, Differences, What They Are Worth and What Is The Best?
  • Warranties and Guarantees
  • Mitigating Project Delay And Claims
  • Delay: Avoiding It and What You Can/Cannot Do When It Happens
  • Extensions of Time: When to Request Them
  • Concurrent Delay: Who Takes the Blame and How Much?
  • Claims: Timeliness, Documentation, Causation and Pricing: How to Keep Your Claim from Being Denied
  • Five Clauses That Will Protect You When Things Really Get Out Of Control
  • Change in Law: Protecting Yourself from Host Country Legal Changes
  • Force Majeure: Protecting Yourself from the Unexpected
  • Violations of Law: Protecting Yourself from Bribery and Corruption and Other Illegal Acts
  • Dispute Resolution
  • Termination
  • Boilerplate Clauses: What Do They Mean? Do I Need Them? How Minor Alterations/Missing Words Can Have Disastrous Effects
  • Contract Issue-Spotting
  • Using the tips learned during the sessions, participants form teams to review draft contract clauses and issue spot
  • Learn contract search techniques and how to use pocket guides to quickly identify dangerous words and phrases in contracts