Common use of Operating Rate Clause in Contracts

Operating Rate. Except as otherwise provided in this Contract, once Turnkey Depth has been reached and the turnkey obligations completed, Operator shall pay Contractor the Operating Rate set forth in Appendix A until daywork operations are complete and the Drilling Unit is in a floating position ready to be towed (excluding however all hours for which other rates or fees are payable hereunder), notwithstanding any breach of representation or warranty, either expressed or implied, or the negligence or fault of Contractor, its employees, agents or servants, including sole and/or concurrent negligence, either active or passive, latent defects or unseaworthiness of vessels (whether or not pre-existing), and any theory of tort, breach of contract, or strict liability, including defects or ruin of premises either latent or patent.