Statements of Principles

The commercial health of the geological and geophysical industry has long been the top priority of IAGC.  As one means of helping to address this, IAGC members over the years have adopted a series of Statements of Principles (SOPs), as well as its Summary of Key Principles in Contracting for Geophysical Services and updated Model Master Geophysical Data License Agreement.  These SOPs:

  • cover topics in both the data acquisition and nonexclusive data licensing areas;
  • are educational tools intended to help geophysical contractors and data owners and their clients navigate the most contentious areas of their service contracts and license agreements;
  • have been developed through a process involving a wide cross section of the IAGC membership, and;
  • represent the consensus position of the entire geophysical industry.

These non-binding Statements of Principles are offered by IAGC for discussion and educational purposes only. Any industry stakeholder is free to use the statements in any way it wishes.  

I. General Introduction.
 
II. Contracting for Geophysical Services. 
 

         2. Liabilities & Indemnities
         3. Indemnities - Exclusion Zones
         4. Insurance
         5. Force Majeure
         6. Termination
         7. Third Party Direct Action
         8. Timeshare - Under consideration
         9. Marine Mammals
       10. Intellectual Property Rights
       11. Security of Seismic Operations
       12. Tenders - Under Consideration
       13. Right of First Refusal
       14. Reverse Auction / E-Commerce Bidding Procedures
       15. Standby Permitting Delays
       16. Weather Downtime
       17. Third Parties
       18. Cabotage

Appendix A:  Letter of Award
 
 
       19. Confidentiality of Data
       21. Derivative Products
       22. Taxes
       23. Transfer Fees
       25. Code of Practice
 
 
Note to readers: If you suspect unethical behavior or business practices, please refer to the IAGC Principle on Ethical Negotiations and Conduct. For more information on the licensing of non-exclusive geophysical data, consult the IAGC Model Geophysical Data-Use License publication, or contact our office in Houston.
 

DISCLAIMER: IAGC COMMERCIAL PRINCIPLES AND GUIDANCE

IAGC's non-binding Summary of Key Principles, Statements of Principles, any suggested contractual language and other commercial guidance are offered by IAGC for discussion and educational purposes only and may not, with respect to any particular contract, be applicable, desirable, enforceable, or conform to the legal or operational requirements of the jurisdiction where the work is to be performed or the transaction is to take place.

Nor are the Summary of Key Principles, Statements of Principles, any suggested contractual language and other commercial guidance intended to establish an attorney-client relationship, or to serve as legal advice from IAGC to any industry participant. Any party intending to use the principles or contractual language in particular contracts should seek review by their legal counsel, and come to their own conclusion as to their applicability, desirability, or enforceability.

IAGC makes no representations or warranties, either expressed or implied, regarding the Summary of Key Principles, Statements of Principles, any suggested contractual language and other commercial guidance, including, but not limited to, representations or warranties about their accuracy, applicability, desirability, enforceability, and/or completeness.

Parties with questions about the Statements of Principles may contact IAGC, at 1225 North Loop West, Suite 220, Houston, Texas 77008; Phone: +1 713 957 8080; Fax: +1 713 957 0008; or email: iagc@iagc.org

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