Lex Energy
Lex Energy is different. We are highly experienced in-house energy lawyers. We are a legal consultancy with in-depth knowledge of all sectors and phases of the energy industry.
Non-Disclosure Agreements (NDA) Under A Service Contract. I have covered a few essential topics in this series aimed at start-up companies in the oil & gas sector, including some basics when starting a company [Click Here], how you always have leverage [Click Here], indemnities [Click Here] and wilful misconduct [Click Here].
This final instalment again deals with Oil & Gas contract law, specifically with the different types of contract you may encounter as a supplier to the oil & gas industry. There are 3 main types of contract you may be asked to review/agree to: Sale of goods; Supply of services; Rental of equipment You are likely to be faced with the situation, particularly as a new entrant, to provide your goods/services based on your client’s T&Cs. As previously covered, do not think that this means you do not have the right to do a contract review and request suitable amendments to these T&Cs prior to signing the PO.
Lexenergy - When is the right time to call a good commercial solicitor? As a lawyer you won’t be surprised to read that I agree with the old advert tagline ‘it’s never too early to call your solicitor’ but it’s entirely understandable that new start-up businesses and those that need to keep a tight control of budgets, don’t often consider legal advice high up on their priority list.
For these companies, the drive is to win business, build brand, reputation and most importantly bank balances, all as cost efficiently as possible. However, companies should be aware that whilst contracts can do all of those things, those same contracts can also result in businesses picking up significant levels of risk. Any contract dispute, even if it is only minor, can ruin brands and reputations, result in non-payment by the client and expose the contract holder to client losses which far outweigh the original expected benefits of the contract.
Legal consultancy of energy industry. “Wilful Misconduct” / “Gross Negligence” are terms regularly used in contracts and seen often in contracts for offshore work. - So what do they really mean?
Indemnities and Wilful Misconduct For further reading on indemnities from Lexplore see Indemnities advice for startups (Click Here) and Liabilities and Indemnities (Click Here). As described in those articles carve-outs for Wilful Misconduct are common, so let’s take a closer look at those terms. The basic concept: Each party is responsible for covering its own losses (in relation to its own property, people and pollution)REGARDLESS of who was at fault or caused such lossEXCEPT if due to the other party’s “Wilful Misconduct”/“Gross Negligence”
Advice for Start-ups Part 5: Using the right “type” of contract, Oil & Gas Contract Law by lex-energy. Advice for Start-ups Part 5: Using the right “type” of contract, Oil & Gas Contract Law. Lex Energy UK. How will Lexplore help inform your business? Lex Energy Founders Phil Argo, Elaine Benton and Calum Crighton sit down to explain how Lexplore will provide straight-forward and practical legal advice for businesses covering the topics that matter.
Phil –"Lexplore is about making the complex seem simple for businesses" I want Lexplore to reflect our mantra, which is to highlight legal problems (complex or otherwise) encountered by business and break them down into clear component parts so they are more easily understood by those who could be affected by them. Hopefully this will help business owners/employees develop an awareness and appreciation of those problems. After all, you can only effectively avoid or manage a problem if you are aware of it and the risk it poses. Elaine –"It’s getting across the importance of what we do" Key provisions in a service contract - Part 1. Embed Code For hosted site: Click the code to copy.
Non-Disclosure Agreements (NDA) Under A Service Contract. Advice for Start-ups Part 5: Using the right “type” of contract, Oil & Gas Contract Law. I have covered a few essential topics in this series aimed at start-up companies in the oil & gas sector, including some basics when starting a company [Click Here], how you always have leverage [Click Here], indemnities [Click Here] and wilful misconduct [Click Here].
What is the role of Liquidated Damages in a contract? – Pros & Cons. Embed Code For hosted site: Click the code to copy.
Finding the right partners to grow your business internationally. You’ve decided to embark on a new adventure and start-up a new company that is going to make it's place in the industry.
There are a few crucial things you need to consider and be aware of at the outset of starting up your new business. Business structure – most businesses in the industry operate as private limited companies (limited by shares), which is the generally accepted way to trade in the industry. Shareholders of a limited company cannot be personally liable for the debts of the company unlike the owners of unincorporated companies, hence its attractiveness.
Tax advice on the most suitable structure for the business is recommended. Choosing a company name – not only does it need to sound good, but it needs to comply with certain limited restrictions (check out Companies House website - Register your company with Companies House (in the UK). Advice for Start-ups Part 4: What is Wilful Misconduct? Finding the right partners to grow your business internationally. The Importance Of Knowing If Your Commercial Arrangements Are Inside Or Outside Of Your Contract. Embed Code For hosted site: Click the code to copy <div class='visually_embed'><img class='visually_embed_infographic' src=' alt='The Importance Of Knowing If Your Commercial Arrangements Are Inside Or Outside Of Your Contract.' /><div class='visually_embed_cycle'></div><script type='text/javascript' src=' class='visually_embed_script' id='visually_embed_script_1934302'></script><p> From <a href=' For wordpress.com: <div class='visually_embed'><iframe width='1' height='1' style='width: 1px !
Customize size. Commercial solicitor. As a lawyer you won’t be surprised to read that I agree with the old advert tagline ‘it’s never too early to call your solicitor’ but it’s entirely understandable that new start-up businesses and those that need to keep a tight control of budgets, don’t often consider legal advice high up on their priority list.
For these companies, the drive is to win business, build brand, reputation and most importantly bank balances, all as cost efficiently as possible. However, companies should be aware that whilst contracts can do all of those things, those same contracts can also result in businesses picking up significant levels of risk. Any contract dispute, even if it is only minor, can ruin brands and reputations, result in non-payment by the client and expose the contract holder to client losses which far outweigh the original expected benefits of the contract. How Will Lexplore Help Inform Your Business? Lex Energy Founders Phil Argo, Elaine Benton and Calum Crighton sit down to explain how Lexplore will provide straight-forward and practical legal advice for businesses covering the topics that matter. Phil –"Lexplore is about making the complex seem simple for businesses" I want Lexplore to reflect our mantra, which is to highlight legal problems (complex or otherwise) encountered by business and break them down into clear component parts so they are more easily understood by those who could be affected by them.
Hopefully this will help business owners/employees develop an awareness and appreciation of those problems. After all, you can only effectively avoid or manage a problem if you are aware of it and the risk it poses. Elaine –"It’s getting across the importance of what we do" What is the role of Liquidated Damages in a contract? – Pros & Cons. Put simply, Liquidated Damages (“LDs”) are a contractual mechanism to ascertain a pre-agreed sum of money as compensation to the client for a breach. LDs are commonly employed in oil & gas contracts, to deal with failure to meet a specified delivery date.
Pros and Cons for a contractor: PRO - Certainty LDs give certainty as to the amount for which you will be liable to your client for the breach. Advice for Start ups Part 4 What is Wilful Misconduct. Lex Energy — The importance of knowing if your commercial... What is the role of Liquidated Damages in a contract? – Pros & Cons. Key provisions in a service contract - Lex Energy. Oil & Gas Contracts and Energy Contracts Lawyer. One of the main reasons I became a lawyer in Aberdeen is that I knew that the energy industry needed someone who not only knew law but also knew business and science. I decided that I could do this, and as a result I would be able to help US energy companies meet their legal needs. One of the main services we provide is the drafting and review of oil and gas contracts.
Unlike run-of-the-mill business contracts, oil and gas contracts should not be performed carelessly. It takes an expert oil and gas Contract law attorney to perform a contract that ensures that the rights and responsibilities of all parties involved are carefully removed. The importance of an oil and gas attorney negotiating and drafting good contracts in Aberdeen can be summarized as: - Contracts are the basis for doing business in the oil and gas industry. - While some risks and disputes are unavoidable, most risks are unnecessary and avoidable. - Litigation resulting from bad contracts is expensive and time-consuming. Breach Of Contract – What Are The Options? Damages For Breach Of Contract It is always important to have the right contract for any transaction. However, no matter the relationship between the parties or the preparation of paperwork, sometimes you cannot prevent a breach of contract by the other party in the agreement.
A “contract” does not have to be a written document so that it can be dissolved. The breach may be a verbal, written (express) or ‘implied’ term of the contract. 5 Reasons Your Business Needs a Contract Review Lawyer. Why you should have a legal review of contracts. The importance of knowing if your commercial arrangements are inside or outside of your contract. Anyone carrying out a contract review will have read, and possibly skimmed over, the ‘Entire Agreement’ clause. The effect of this clause is that only those matters set out or incorporated into the contract, form part of it.
Advice for Start-ups Part 1: Getting started. Commercial solicitor. How Can Company Law Solicitors Help You? Starting a business is exciting, but the journey towards building a successful business is challenging and can sometimes be complicated, especially in the case of legal matters. Failing to abide by the laws and regulations set in company law can cause a great risk for your business and if unfortunate, you might be asked to shut down your business as a consequence for failing to abide by the law. However, understanding all legal terms and procedures stated in the company law can be really difficult for most common businessmen.
What is a commercial solicitor? Lex Energy — Breach Of Contract – What Are The Options? When is the right time to call a good commercial solicitor? As a lawyer you may not be surprised to read that I agree with the old ad tagline ‘it’s never too early to call your solicitor’ but it’s perfectly understandable that new start-ups need to have strict control over business and budget. , Do not consider legal advice most of the time on their priority list. For these companies, winning the business, brand, reputation and most importantly the balance is all about spending as efficiently as possible. However, companies should be aware that while contracts can do all of these things, the same contracts reduce the level of risk in the business. Any contract dispute, even if it is minor, can destroy the brand and reputation, leaving the client unpaid and the contract holder facing a loss to the customer that exceeds the original expected benefits of the contract.
In the worst case scenario, a poor contract can sink the business. What is the role of Liquidated Damages in a contract? – Pros & Cons. Legal consultancy of energy industry.