Oil industry “hold harmless” goes live

An Industry Mutual Hold Harmless Scheme under which oil and gas operators on the UK Continental Shelf move the traditional individual agreements into a uniform process has gone live from 1 July 2002 with over 90 initial participants. Made feasible under the Contracts (Rights of Third Parties) Act which removes earlier uncertainties and allows the ability to pass on the benefit of indemnities into the contracting parties’ respective groups.