Oil & Gas Contract Management: Principles & Practices
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Oil & Gas Contract Management: Principles & Practices Course synopsis Contract management in the field of oil and gas can lead to significant inroads into an organisation’s budget due to costly litigation processes and dispute settlement processes. A good scrutiny and overall analysis of draft contracts to remove ambiguities and risky clauses can make the vital difference to bottom line success or failure of an organisation. Project and contract managers as well as other professionals involved in the world of projects must be able to work effectively together and/with customers and contractors to accomplish key organisational objectives. This training provides an in-depth overview of all pha…Frequently asked questions
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Day 1 (Optional) The legal framework and contract law I The UK legal system including sources of law Mandatory elements of a legally enforceable contract English contract law: contract formation Terms and conditions English contract law: contract terms Workshop: contract terms and content Delegates will be presented with some problem solving exercises in which they will consider some issues surrounding the terms in some mock contractual situations. Contract law II English contract law: interpretation of contract terms English contract law: assessing available remedies for breach of contract Rescission Compensatory damages Consequential and incidental damages Liquidated damages Specific performance Injunctive relief Workshop: Interpretation of contract terms Delegates will consider some exercises in which the principles of interpretation of contracts will be used to find practical solutions to ambiguous contract terms, and will consider better ways in which the contract could have been framed. Day 2 The contract and an introduction to the purchasing process The role and responsibilities of purchasing The purchasing cycles Boiler plate clauses Understanding common oil & gas upstream contracts Agreement with resource holders Leases Concession Production sharing contracts and similar agreements Service and supply contracts Agreements between co-ventures AMI and bidding agreements Joint operating agreements Unitisation agreements Asset transaction Agreements with suppliers and contractors CRINE/LOGIC standard contract Contract management A checklist for planning purchases Some of key points in tendering An introduction to the idea of risks and rewards contracts Day 3 Assessing available remedies for breach of contract Rescission Compensatory damages Consequential and incidental damages Liquidated damages Specific performance Injunctive relief Workshop exercise: case studies Assessing and managing risk in oil and gas contracts Determining and assessing types of risk Prioritizing risk Developing risk minimization strategies Workshop exercise: negotiation case Avoiding common contract pitfalls & negotiations Exclusion of liability Exclusion of one’s own fault Use of words and phrases such as notwithstanding Without prejudice to, subject to, and such other terms and phrases encountered in contract documents Representations and warranties Guarantees Workshop exercise: case studies Reducing risk through effective use of force majeure clauses Understand the purpose and risks this clause is intended to mitigate Avoiding common force majeure pitfalls Protect yourself from abuse and misuse of this clause Mechanics of exercising force majeure rights Workshop exercise: case studies Day 4 Minimizing loss through careful limitation of liability clauses Drafting enforceable liquidated damage clauses Handling consequential damage waivers Mitigation of damages clause Contractual limitations periods Workshop exercise: interactive discussion and exercise Limiting risk through effective use of indemnity clauses Matters covered Persons and entities covered Exclusions Examples of various type of indemnity provisions Practical exercise: contract drafting exercise - drafting effective indemnity clauses Avoiding risk through contract termination clauses Common termination clauses Penalty provisions Avoiding common pitfalls Workshop exercise: case studies Dispute resolution in oil and gas contracting Types of dispute resolution vehicles: negotiation, arbitration, mediation, litigation, expert determination Importance of the dispute resolution clause Framing the dispute resolution clause Ad hoc dispute resolution agreements Workshop: the dispute resolution clause Delegates will consider some examples of dispute resolution clauses and will critically examine these with a view to considering some of the essential ingredients of such a clause, as ideally framed. Course summary and close
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