Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

drilling contract

Read a random definition: Mirror Image Rule

A quick definition of drilling contract:

A drilling contract is an agreement between a drilling contractor and the owner or lessor of mineral rights. The contract outlines the rights and responsibilities of each party. There are different types of drilling contracts, including daywork, footage, and turnkey contracts. In a daywork contract, the lease operator has broad control over the drilling contractor and is liable for damages caused by the drilling. In a footage contract, the drilling contractor is paid per foot drilled and assumes most liabilities. In a turnkey contract, the drilling contractor performs specified functions for an agreed price, and the lease operator assumes little or no liability for damages.

A more thorough explanation:

A drilling contract is an agreement between a drilling contractor and the owner or lessor of mineral rights. The contract outlines the rights and responsibilities of both parties. The more control the owner retains over the contractor, the more liable they are for any damages caused by the drilling.

A daywork drilling contract is when the lease operator hires a drilling rig and workers and pays based on the time spent drilling. The lease operator has broad control over the contractor, but also assumes broad liability for any damages caused by the drilling.

A footage drilling contract is when the drilling contractor is paid a set amount per foot drilled and has control over how to do the work. The contractor assumes most liabilities and risks of unexpected delays.

A turnkey drilling contract is when the drilling contractor promises to perform specific functions for an agreed price. The lease operator has little to no control over the contractor and assumes little to no liability for damages caused by the drilling.

For example, if a drilling company enters into a daywork drilling contract with an oil company, the oil company has control over the drilling operations and assumes liability for any damages caused by the drilling. On the other hand, if the drilling company enters into a turnkey drilling contract, they assume most of the risks and liabilities associated with the drilling operations.

drift-stuff | drilling-delay rental clause

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
LSD+ is ad-free, with DMs, discounts, case briefs & more.