Commercial challenges and risks of industry contracts
Commercial elements of TEFCEL constitutes any and all elements related to the commercial issues, including but not limited to the currency exchange and transfer; exportation & importation of goods and materials; LTCOSA and GSPA; carriage of goods and materials; customs duties; insurance coverage such as CAR, TPL, Pollution; and lex petrolea on petroleum transactions; INCOTERMS available and valid for the transportations of oil and gas commodities and equipment;
Although the Commercial Elements of TEFCEL is not technical oriented disciplines in the oil and gas industry contracts but certainly considered to be one of the most important elements that may affect the best performance of the contracts. Thus, it is highly required that the commercial elements should be well considered and managed during the LiveCycle of the oil and gas contracts, without which, the inevitable risks of the commercial transaction will affect the outcome of the oil and gas contracts.
Amongst the Commercial services provided particularly in the oil and gas industry: Currency Exchange & Transfer; Exportation & Importation of Goods/ Materials; LTCOSA/GSPA; Carriage of Goods; Lex Petrolea on Petroleum Transactions; Customs Duties; Permanent/Temporary Insurance contracts (e.g. CAR, TPL, Pollution)