IMCA publishes new Contracting Principles News
// April 1, 2005
The International Marine Contractors Association (IMCA) has published its Contracting Principles, a discussion document that it believes will serve the long-term interests of all participants in the oil and gas industry by encouraging an equitable contractual balance based on the parties' respective risks and rewards. This, in turn, should improve relations, increase efficiency and reduce overall costs.
Risk allocation goals with the very apt acronym 'FAIR' lie at the heart of the newly published Contracting Principles, said IMCA.
The eight-page "IMCA Contracting Principles" highlights 15 principles with a legal definition being given followed by a comment more easily understood by the layman showing clearly how each principle measures up to IMCA's FAIR risk allocation goals.
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