Oil and Gas – Understanding Terms and Conditions and the Contract
- Grasp fundamental contractual concepts in oil & gas.
- Enhance ability to read and negotiate contracts.
- Learn differences between commercial and legal sides.
- Master structuring work within the contract.
- Intended for supplier/contractor companies.
Overview
The course "Understanding Terms and Conditions and the Contract of Oil and Gas" aims to equip supplier/contractor companies in the oil and gas industry with essential skills for comprehending and negotiating contracts. Participants will learn about fundamental contractual concepts, differences between commercial and legal aspects of contracts, and how to structure their work within contracts. The course covers commercial issues, major terms and conditions, legal clauses, and strategies for managing risks and negotiations in contracts.
Who should attend
Supplier/Contractor Company
Course Content
By attending this workscope you will:
- Grasp the skills to understand fundamental contractual concepts;
- Enhance your ability to read and negotiate product and services contracts in the oil & gas industry;
- Learn major differences between commercial and legal sides of the contracts to ensure smooth contract delivery;
- Master the ability to structure your work within the contract.
This workshop is intended for the supplier/contractor company receiving contracts from a client
Course Content
8.45 Arrival and Registration
9.00 Introduction and Course Objectives
9.15 Part I – Commercial Issues
- Good contracting practices
- Contract starts with Scope of Work and delivery/schedule
- Practical/Case Study
10.30 Break
10.45 Part II Major terms and conditions
- Contracts for Products Supply
- Contracts for Works/Services
- The key differences between Services and Products Supply)
- Pros and Cons of Standard Forms of Contract
- Use of LOGIC contracts
- Financial/payment terms
- Practical/Case Study
12:30 Lunch Break
13.30 Part III – Legal clauses
- Understanding indemnities: knock for knock regime
- Complex indemnities clauses: catastrophic and consequential losses
- Insurance obligations
- Liquidated damages
- Termination/suspension – difficulties of application
- Limitation of liability
- Confidentiality regimes
- Practical/Case Study
15.00 Break
15.15
- What is a balanced contract?
- Managing risks in contracts
- Battle of the Forms
- Final walk-through on a typical contract with pros and cons from a User point of view
- Negotiation – terms are regularly negotiated, and which have most value to be negotiated.
16:45 Feedback, Q&A
17:00 Close
Duration:1 Day
Cost:£245 + Vat
Oil and Gas Terms and Conditions Contracts Training London, Scotland, Glasgow, Edinburgh, Inverness, Aberdeen and onsite course available throughout the UK.