What are logic contracts?
LOGIC stands for Leading Oil and Gas Industry Competitiveness and LOGIC contracts have been around since 1999 as model form contracts for the UK offshore. oil and gas industry. The pro formas were conceived as part of an oil and gas industry initiative to save costs at a time when oil prices were much lower than today.
What is logic oil and gas?
LOGIC (leading oil and gas industry competitiveness) is a not-for-profit wholly owned subsidiary of Oil & Gas UK that operates as custodian for cross-industry projects that aim to increase the efficiency of working practice in the United Kingdom Continental Shelf.
What are oil and gas contracts?
These agreements or ventures arise from situations in which two or more parties pool their divided or undivided interests to share the costs and risks of either exploration or development or both.
What is the difference between JCT and NEC contracts?
NEC vs JCT contracts As many will be aware, the JCT contract focuses on liabilities and risk in the manner of a traditional contract, whereas NEC requires and enables a more proactive and collaborative approach to managing the contract.
Who uses NEC contracts?
They’re used for nearly all projects procured by national and local government bodies and agencies. This is because of their unique foundations. For example, they: Stimulate good management of the relationship between the two parties to contract.
What contracts does LogLogic support?
LOGIC currently supports a suite of 11 Standard Contracts that are available for use throughout the oil and gas industry and these are currently being reviewed and updated. They cover a broad range of operations in the UKCS and are widely used across the contracting community.
Can logic forms be used in contracts and subcontracts?
In Staveley Industries vs Odebrecht the court decided that floating platforms founded on the sea bed below low water mark were not structures forming part of the land LOGIC forms have now found their way into contracts and subcontracts, both on and offshore, that are not related to oil and gas – such as in the offshore renewables market.
What is Logix contract management software?
Contract Management Software by Contract Logix Securely and easily find, access and manage contracts from anywhere & on any device Centralize contracts in a dynamic and digital repository with complete visibility and control Search, filter & report on any and all contract information and language
What is an LogLogic form?
LOGIC forms have now found their way into contracts and subcontracts, both on and offshore, that are not related to oil and gas – such as in the offshore renewables market. For those just getting to grips with this form, below is a summary of the similarities and differences between it and the traditional engineering contract: