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IndustryGlossary Term

Mutual Waiver of Consequential Damages

A contract clause where both parties agree not to sue each other for indirect losses like lost profits or project delays. For subcontractors, this limits your liability if your work causes a costly shutdown. It also protects you from outsized claims that far exceed your contract value.

Related Terms

Rig Release

Industry

The formal point when a drilling rig is demobilised and the operator ends the rig contract. For subcontractors, it signals the close of associated scopes of work and triggers final invoicing. Crew demob, equipment retrieval, and close-out documentation should begin immediately.

Life Extension Drydock

Industry

A scheduled out-of-water inspection and refit that extends a vessel's certified operational life beyond its original design limit. For subcontractors, it signals a concentrated burst of multi-trade work including hull repairs, coating, and systems upgrades. Scopes are often fast-tracked, creating strong short-term demand for specialised labour and materials.

Frac Water Management

Industry

The handling, hauling, storage, and disposal of water used in hydraulic fracturing operations. Subcontractors often provide vacuum trucks, fluid hauling, and pit liner services across these stages. Proper documentation and disposal compliance are required to avoid liability on-site.

Utility-Scale

Industry

Refers to energy or infrastructure projects large enough to supply power or resources to the grid or regional networks. For subcontractors, these projects mean longer mobilisations, larger crew requirements, and extended contract durations. Expect stricter compliance obligations and more layers of prime contractors to navigate.

Capital Program

Industry

A planned set of major construction or infrastructure projects approved by an owner or operator for a defined period. For subcontractors, it signals sustained work volumes and long-term contracting opportunities. Aligning your capacity with a client's capital program can anchor your pipeline for months or years.

Topside

Industry

The above-water structure of an offshore platform, including processing equipment, living quarters, and wellheads. Subcontractors working topside must meet strict offshore safety and certification requirements. Scope of work and billing rates often differ significantly from subsea or onshore assignments.

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