Oil & Gas UK’s subsidiary LOGIC (Leading Oil & Gas Industry Competitiveness), publishes a new standard contract (18 December) aimed at helping companies committed to delivering offshore decommissioning excellence. The standardisation of legal contracts, spearheaded by LOGIC in partnership with industry, improves the efficiency of drafting, executing and negotiating commercial agreements.
The not-for-profit organisation, which next year marks its 20th anniversary, continues to play a key role in helping companies improve competitiveness by simplifying transactional processes in the offshore oil and gas industry. More than 24,000 downloads of LOGIC’s suite of Standard Contracts have been recorded globally since April 2014.
“This model contract developed by Oil & Gas UK’s Legal Issues Forum provides companies and their contractors with a framework for working towards commercial agreements in a timely, co-operative and effective manner. This couldn’t have been achieved without the support and expertise provided by industry, particularly the members on our Decommissioning Task Finish Group.