Offshore Construction Law and Practice

Page 294


Termination and step-in rights

A Introduction

13.1 No party drafting a contract at the beginning of a new venture wants to think about the possibility of it ending prematurely or, even if they do consider that risk, they do not wish to think about it in too much detail. However, a right to terminate the contract before performance is complete clearly has major significance for all parties concerned. It is therefore worthwhile sometimes thinking like a pessimistic lawyer and considering the impact that termination has on the other obligations under the contract.

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