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Simple English definitions for legal terms

turnkey drilling contract

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A quick definition of turnkey drilling contract:

A turnkey drilling contract is an agreement between a drilling contractor and the owner of mineral rights. The contract outlines the responsibilities of each party, with the drilling contractor promising to perform specific functions for an agreed price. The owner has little control over the contractor and assumes little liability for any damages caused by the drilling. This type of contract is different from a daywork drilling contract, where the owner has more control over the drilling contractor and is therefore more liable for any damages, and a footage drilling contract, where the contractor is paid per foot drilled and assumes most of the risk and liability.

A more thorough explanation:

A turnkey drilling contract is an agreement between a drilling contractor and the owner or lessor of mineral rights. The contract outlines the responsibilities and obligations of both parties. In this type of contract, the drilling contractor takes on most of the risk and liability for any damages caused by the drilling.

  • Daywork drilling contract: A lease operator hires a drilling rig and oilfield workers and pays based on the time spent drilling. The lease operator has control over the drilling operations and is liable for any damages caused.
  • Footage drilling contract: A drilling contractor is paid a set amount per foot drilled and has control over how the work is done. The contractor assumes most of the risk and liability for any delays or damages.
  • Turnkey drilling contract: The drilling contractor promises to perform specific functions for an agreed price. The owner or lessor of mineral rights has little to no control over the drilling operations and assumes little to no liability for damages.

These examples illustrate the different levels of control and liability that can be present in drilling contracts. A turnkey drilling contract offers the least amount of control for the owner or lessor of mineral rights, but also the least amount of liability. The drilling contractor takes on most of the responsibility for the success and safety of the drilling operations.

turnkey contract | turnover duty

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JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
soapy
11:23
Shoutout to Robinhood's election bet not resolving until January
triplethread
11:23
is anyone else like certain that trump will win
ambitiouslizard
11:23
he aint winning
triplethread
11:23
i like being a pessimist
ambitiouslizard
11:24
he lost his re-election, why would he win this one?
1a2b3c4d26z
11:25
I have no idea why people have so much beef w berkeley's app
I've been reading a bit about "herding," which is this idea that pollsters are making the race look tied so they look right no matter who wins.
1a2b3c4d26z
11:26
Like... it's a more involved app but you don't have to do it? They're clearly trying to have some self-selection go on
I 100% agree with the self selection, I also am not even close to touching the medians there. However I think the huge PS plus the video and especially the very specific criteria for the why Berkeley essay is pretty crazy
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