Interface Consulting Expert Provides Insight On Force Majeure Issues In Oil And Gas Industry Matters
HOUSTON, May 2, 2013 /PRNewswire/ -- Frank G. Adams, PE, president of Interface Consulting International, Inc., collaborated with Houston-based law firm Legge Farrow as part of a two-day EUCI course, "Contract Risk Management for Upstream Oil & Gas," April 29-30, 2013, held at the Houston Marriott West Loop.
The EUCI course covered critical contracting issues facing the upstream oil and gas industry, both onshore and offshore. Glenn Legge, of Legge Farrow, and Adams co-presented two course sections on the first day of the seminar and addressed the following key issues from their unique perspective:
- Interpreting force majeure clauses in energy contracts
- Examining who is responsible for interpreting the contract
- Quantifying force majeure claims
- Determining the implications of declaring force majeure
- Mitigating dispute risks from force majeure claims
- Examining the interplay between force majeure and scope of work
- Weighing the benefits of litigation versus arbitration from an expert point of view
As part of the first presentation, " Force Majeure Clauses: Now What?" Legge offered legal insight and Adams provided an international construction perspective on force majeure events and associated force majeure contract issues. Adams and Legge addressed both the typical and unusual force majeure events covered under certain contracts; explored the contractual, legal, and financial implications of declaring force majeure; and presented contract language to address force majeure situations."What is important to remember about force majeure is that force majeure is whatever the contract says it is," said Adams. "The contract needs to specifically define potential force majeure events and prudently preface the list of force majeure events with, 'including without limitation.'"
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts