Knock for Knock Indemnities: Contract Practices and Enforceability Issues
Article from: OGEL 6 (2011), in Contract Management, International Petroleum Contracts
Abstract
Oil and gas and construction projects are risky ventures. Injuries to personnel and severe damage to property may result in exorbitant losses to be borne by the project participants. It is in this context that the contractual allocation of liabilities between the project parties becomes an issue of paramount importance. Nowadays, it is generally accepted both by the oil and gas and construction industries that knock for knock indemnities represent an efficient model of liability distribution for construction contracts and oilfield services agreements. This paper will (i) describe the ...