Customary Industry Practice definition
Customary Industry Practice means, at a particular time, the exercise of that degree of skill, diligence, prudence, foresight and care reasonably to be expected of skilled and experienced operators in the deep-water drilling industry in order to accomplish the desired result consistent with reliability, safety, performance and expedition.
Customary Industry Practice means using standards, practices, methods and procedures to a good commercial standard, conforming to Law and exercising that degree of skill and care, diligence, prudence and foresight which would reasonably and ordinarily be expected from a qualified, skilled and experienced person engaged in a similar type of undertaking under the same or similar circumstances;
Examples of Customary Industry Practice in a sentence
Operate and maintain its Vessel safely and in accordance with Customary Industry Practice and the requirements of the relevant Acceptable Charters and, in respect of any Alternative Arrangement Borrower, any Alternative Charters.
Project Co will maintain all other records electronically in readable and accessible form on the DMS (as defined below), subject to archiving in accordance with any requirements of the Authority’s records retention policy for state agencies that are applicable to the Project and Customary Industry Practice.