Oil and Gas Contracts & Regulation | Assignment

Added on - 03 Feb 2020

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Oil and Gas Contracts &Regulation
Table of ContentsINTRODUCTION...........................................................................................................................3QUESTION 1...................................................................................................................................3CONCLUSION...............................................................................................................................6REFERECES..................................................................................................................................8
INTRODUCTIONAgreements and contacts helps to the companies which wants to make a collaboration touse each others services (Tordo and et. al., 2013). It helps to the contractees to decide terms andconditions to use services. The present assignment is having it's focus on the gas agreement inbetween the client which is a new in the United Kingdom Continental Shelf and an owner whichis having pipe lines in the UK to transport their gas. So this assignment is having details on theimpact and implications of the terms which are provided by the pipeline owner.QUESTION 1According to the agreement, client wants to use pipelines on a initial level because he is aentering in the market and they just want to save their time and want to transport their gas fromtheir plan to the destination (Ovadia, 2012). Owner of the pipeline wants to make some money sothey create an agreement with the client on the basis of these terms and conditions which aregiven under here to explain it effect and implication:According to the contract of sales of goods act, there are many aspects of contract whichcan be understood as follows:Title: It depicts that the title of the goods can be conveyed. According to the relevantsection of the sales of goods act, it has been said that the seller should pass on the goodsand services with true title to the buyer.Risk : It is implied in the sales agreement, that on passage of goods and services, riskassociated with it also pass to buyer.Duration of contract: The parties of the contract should specifically insert the timeduration of the contract. Also, conditions for the revocation of the contract are alsospecified by both of the parties.Ten years fixed term:According to the requirement of the act, time durations should bementioned in an agreement.The pipeline owner wants to make an agreement of ten years by
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