footage drilling contract

Oil & gas. A drilling contract under which the drilling contractor is paid to drill to a specified formation or depth, is paid a set amount per foot drilled, and is given broad control over how to do the work.

• The risk of unexpected delays, as well as most liabilities, is on the contractor rather than the lease operator under this type of contract. Cf. daywork drilling contract; turnkey drilling contract.

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资深译员Lynn，知名国际商学院金融专业，专注翻译各种与贷款人责任及其他银行业与金融机构诉讼有关的法律文件。