LOSS OF DRILLING UNIT. If the Drilling Unit is declared to be a total loss and/or construed to be total loss, as determined by the applicable insurance coverage, this Contract shall terminate in respect of that drilling unit(s) as of the occurrence of the event causing such loss and each party shall thereupon be released of all further obligations hereunder in respect of that drilling unit(s), except for its payment of monies then due or liabilities to be discharged in respect of work already done under this Contract in respect of that drilling unit(s).
Appears in 4 contracts
Samples: Model Contract, Model Contract, Model Contract
