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Vendors cannot walk away from ONGC contracts any more
Apr 07:   Well placed ONGC sources told this website that the company has decided to do away with a crucial clause that allowed service providers and equipment suppliers to walk away from a contract citing force majeure conditionality.
8The public sector company has now made the conditionality one sided on the belief that vendors might exploit it for their own benefit
8The one-way provision was meant to have been implemented for service contracts but eventually a surprise decision was taken
8Those lending out charter hire rigs or involved in LSTK contracts will also be impacted, it is learnt
Click on Details to find out more on what ONGC has done
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