CTD TUBING REEL Sample Clauses

CTD TUBING REEL. To facilitate purchasing of the coiled tubing reel, CONTRACTOR shall invoice and COMPANY will pay the sum of three hundred and sixty eight thousand dollars (368,000 USD) to CONTRACTOR in advance of purchase. CONTRACTOR will perform engineering and procurement services in advance of purchase as far as is reasonably practicable, such that on receipt of payment, manufacture of the reel can begin immediately. For the avoidance of doubt CONTRACTOR would wholly own the tubing reel and drum, for the duration and after the proposed workscope, and COMPANY would be re-reimbursed with a discount on the invoice for each well according to the discount structure below: Well Discount per Well USD 1 7360 2 7360 3 14,720 4 14,720 5 14,720 6 14,720 7 14,720 8 29,440 9 29,440 10 29,440 11 29,440 12 29,440 13 29,440 14 29,440 Total Wxxxx Total Discount 14 294,400 The discount structure covers the total cost of the reel, minus depreciation for the first year of use, the total depreciation period would be deemed as five (5) years. The discount structure is offered on a per well basis, regardless of drilling duration on each well. Should the full programme as set out in the table in this section, not be completed as per CONTRACT then the reel will become the property of CONTRACTOR at date of contract termination with no further amounts being due. EU/RUS/DWS/040/04
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