Industry to benefit from simplified standard contract template
14 May 2018Companies focused on improving efficiency when drafting, executing and negotiating commercial contracts stand to benefit from using a new edition of the ‘Standard Contract for General Conditions of Contract for Purchase of Goods’, which is available from LOGIC (Leading Oil & Gas Industry Competitiveness) a not-for-profit organisation and subsidiary of Oil & Gas UK.
Graham Elgie, Managing Director of LOGIC, said: "This Standard Contract is one of a suite of 10 templates that LOGIC has developed over many years to simplify transactional processes relating to different areas of offshore oil and gas activity as part of improving the sector’s competitiveness. These are regularly updated to ensure they are fit for purpose, providing companies with an industry-recognised template and general conditions for working co-operatively towards commercial agreements in a timely and effective manner.
"The industry has a well-established collaborative approach to standardising legal contracts and we are very grateful to the members of the Oil & Gas UK work group who worked with our Legal Issues Forum to help update this Standard Contract. LOGIC’s templates for contract negotiations are valued by legal and industry professionals – with over 25,000 downloads recorded since they were first published online. This helps improve the efficiency of commercial transactions in the basin and supports collective efforts to standardise processes across the sector to ensure it has a competitive environment in which it can thrive.”
LOGIC Standard Contracts are free to Oil & Gas UK members to download, and £10 + VAT for non-members.