Posts Tagged ‘contracts’
EPCIC: Managing issues like Delay
Average reading time is 5 minutes In the oil & gas industry, EPCIC (Engineering, Procurement, Construction, Installation and Commissioning) contracts may encounter delays which can result in billion-dollar losses and multiple lawsuits. Thus, prudent parties would often start scheduling for a project from the Invitation to Bid (ITB) stage itself. Therefore, it is imperative that…
Read More5 Features of EPC contracts
Estimated reading time: 3 minutes EPC contracts are the most common form of contract used to undertake construction works of large scale and complex infrastructure projects in the global power industry. Under an EPC contract, a contractor is obliged to deliver the complete facility to a developer who needs to only turn a key to…
Read More6 Features of Production Sharing Contracts
Estimated reading time: 5 minutes A PSC (Production Sharing Contract), or PSA (Production Sharing Agreement) was first introduced in Indonesia in 1960 for the agriculture sector before it was adopted for the petroleum industry. The success of the PSC was later picked up by other countries in the region such as Malaysia, Philippines, Libya,…
Read MoreCharter Party Contracts: Practical A-Z Guide to Laytime and Demurrage
A charter party (commonly abbreviated to “C/P”) is a document containing the written terms of a charter agreement between a shipowner and a charterer. The terms of the contract will depend on the shipowner, charterer and the market. Parties involved can also form their own terms of contract which would remain free from any other…
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