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.

---

词条贡献者

双语律师Virginia，国内知名法学院民商法专业，擅长翻译各类与公司与并购相关的法律文件。