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.
How do Chinese legal professionals usually express the term footage drilling contract?
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