Operating Day Rate definition

Operating Day Rate. ’ (ODR) means the charges payable by Company to Contractor (on prorate basis for part of a Day) for putting an equipment/tool/set of equipment (provided by Contractor) to actual/productive use (operation). ODR shall be payable for the actual period of usage in accordance with terms & conditions mentioned herein. In the case of equipment hired on ‘Monthly Rental Basis’, these charges shall be in addition to the applicable pro-rata Monthly Rental Charges payable for that period; while in case of equipment hired on ‘Call out Basis’, these charges shall be payable instead of “Standby Day Rate’’ that could have applied for that period.
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Operating Day Rate. ’ (ODR) means the charges payable by Company to Contractor (on prorate basis for part of a Day) for pumping Air into oil/ gas well using Air Compressor Unit (provided by Contractor).
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Operating Day Rate means the rate mentioned in the “SOR” and to be paid to the contractor for the conditions under which the rig and its equipments and associated facilities are in operation on the well.
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Examples of Operating Day Rate in a sentence

  • Contractor shall be paid an Operating Day Rate of payable from the commencement date and at all times during the term of the Agreement, except when specially otherwise provided for in this Agreement.

  • Daily Rate increases under this Clause shall not exceed 10% of the Operating Day Rate during any 12 month period.

  • Contractor's cost of operation, maintenance and repair of the 5" Drill Pipe and Top Drive Unit will be included as costs to be recovered in the Operating Day Rate for all contract periods.

  • Subject as otherwise provided herein, the Operating Day Rate shall continue until Zion's representative informs the Contractor that operations pursuant to the Procedures are completed, the drill string has been removed from the hole and is laid down, the B.O.P. stack has been dismantled and removed from the base, the ▇▇▇▇▇▇▇ has been lowered and the mud pits have been cleaned (such day the "Procedures Termination Date").

  • Nippling up of the B.O.P. shall take place after the satisfactory completion of the acceptance test with the installation time to be paid for at the Operating Day Rate.

  • For such portion of this period prior to the first day on which Zion shall commence payment of the Operating Day Rate, the cost of the security services shall be for the account of Contractor.

  • In the event the Drilling Commencement Date is not within 2 weeks before or after the Spud Date for reasons within Contractor’s control (“Delay”), Contractor shall pay to Company for any day Contractor is in Delay as liquidated damage and as sole remedy – except termination of the Agreement pursuant to ARTICLE 11 a) hereof - the equivalent of fifty percent (“50 %”) of the Operating Day Rate as set out in Appendix E.

  • Thereafter, the rate shall be eighty percent (80%) of the Operating Day Rate until the breakdown is repaired or for ten days whichever first occurs.

  • The Rescheduling Fee in an amount equal to US$ 20,000, plus VAT thereon, shall be paid to the Contractor on the first day for which Zion will pay the Operating Day Rate as provided in Section 7.4 above.


More Definitions of Operating Day Rate

Operating Day Rate. ’ (ODR) means the charges payable by Company to Contractor (on prorate basis for part of a Day) for pumping Nitrogen into oil/ gas well using Nitrogen Pumping Unit (provided by Contractor).
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Operating Day Rate. ’ (ODR) means the charges payable by Company to Contractor (on prorate basis for part of a Day) for putting an equipment/tool/set of equipment (provided by Contractor) to actual/productive use (operation).
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Operating Day Rate. ’ (ODR) means the charges payable by Company to Contractor (on prorate basis for part of a Day) for slickline services for oil/ gas well using Slickline Unit (provided by Contractor).
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Related to Operating Day Rate

  • Operating Day means the daily 24 hour period beginning at midnight for which transactions on the PJM Interchange Energy Market are scheduled.

  • Sixty-Day Delinquency Rate As to any Distribution Date, the percentage equivalent of a fraction, the numerator of which is the aggregate Principal Balances of the Mortgage Loans that are (a) 60 or more days delinquent as of the last day of the related Prepayment Period, (b) REO Property or (c) in foreclosure or in bankruptcy, and the denominator of which is the Pool Balance as of the last day of the related Due Period.

  • Three-Month LIBOR Rate means the rate determined in accordance with the following provisions:

  • Weekly Rate means a floating weekly interest rate on the Bonds established and adjusted in accordance with Section 2.03.

  • One Month LIBOR Rate means, with respect to any interest rate calculation for a Loan or other Obligation bearing interest at the Alternate Base Rate, a rate per annum equal to the quotient (rounded upward if necessary to the nearest 1/16th of one percent (0.0625%)) of (i) the rate per annum referred to as the BBA (British Bankers Association) LIBOR RATE as reported on Reuters LIBOR page 1, or if not reported by Reuters, as reported by any service selected by Administrative Agent on the applicable day (provided that if such day is not a Eurodollar Banking Day for which a Eurodollar Rate is quoted, the next preceding Eurodollar Banking Day for which a Eurodollar Rate is quoted) at or about 11:00 a.m., London time (or as soon thereafter as practicable), for Dollar deposits being delivered in the London interbank eurodollar currency market for a term of one month commencing on such date of determination, divided by (ii) one minus the Reserve Requirement in effect on such day. If for any reason rates are not available as provided in clause (i) of the preceding sentence, the rate to be used in clause (i) shall be, at Administrative Agent’s discretion (in each case, rounded upward if necessary to the nearest one-sixteenth (1/16) of one percent (0.0625%)), (1) the rate per annum at which Dollar deposits are offered to the Administrative Agent in the London interbank eurodollar currency market or (2) the rate at which Dollar deposits are offered to the Administrative Agent in, or by ▇▇▇▇▇ Fargo to major banks in, any offshore interbank eurodollar market selected by Administrative Agent, in each case on the applicable day (provided that if such day is not a Eurodollar Banking Day for which Dollar deposits are offered to Administrative Agent in the London interbank eurodollar currency market, the next preceding Eurodollar Banking Day for which Dollar deposits are offered to Administrative Agent in the London interbank eurodollar currency market) at or about 11:00 a.m., London time (or as soon thereafter as practicable) (for delivery on such date of determination) for a one month term. Each determination by Administrative Agent pursuant to this definition shall be conclusive absent manifest error.