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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双语律师Wayne，国际知名法学院法律专业，擅长翻译各类与遗产及遗嘱争议相关的法律文件。