FOR IMMEDIATE RELEASE:
PSAC Launches Revised Master Service Agreement
CALGARY, AB (February 8, 2017) – The Petroleum Services Association of Canada (PSAC) announced today the launch of an updated Master Service Agreement (MSA) and Model Clauses document for use between its membership and their client base of oil and gas exploration and production companies. The revised MSA is a practical reference tool to assist in the negotiation of service agreements for oil and gas well services, supply and manufacturing. The included Model Clauses provide simplified language that can be easily incorporated into the standard form agreements between customers and vendors. In particular, key considerations in five areas of well service agreements were addressed, viz., Warranties and Remedies, Liability and Indemnification Regimes, Intellectual Property, Insurance and Health and Safety.
“The PSAC MSA and Model Clause initiative provides companies of all sizes with access to a comprehensive agreement that will streamline their negotiating process and lower costs associated with prolonged negotiations,” said Mark Salkeld, President of PSAC. “Decreasing contract administration for each party through the use of a consistent format is a real benefit to the industry as a whole. As well, with this kind of standardized industry agreement, each party benefits through a better understanding of the relationship between parties and their respective insurance requirements.”
“The MSA initiative undertaken by PSAC is another example of how oilfield services companies continue to look for ways to reduce the cost of doing business in Canada and to deliver real savings to our customers,” says Doug McNeill, Chair of PSAC. “Helping to identify these sorts of opportunities and providing meaningful solutions is just one way that PSAC continues to deliver value to its members.”
The Petroleum Services Association of Canada is the national trade association representing the service, supply and manufacturing sectors within the upstream petroleum industry. PSAC is Working Energy and as the voice of this sector, advocates for its members to enable the continued innovation, technological advancement and in-the-field experience they supply to Canada’s energy explorers and producers, helping to increase efficiency, improve safety and protect the environment.
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PSAC Media Contact:
President & CEO
Email: [email protected]