Contractual relationships are an essential element of any business. However, the nature of the oil & gas industry is one that sees the sector dominated by contracts.

MANAGING the risk of non-compliance with contractual requirements has therefore significantly increased in importance. The irony is, under most corporate risk management structures, contract risks are often not addressed using a systematic approach.

Located in of one of the fastest-growing regions in the world and spurred on by increasing global oil demand, record commodity prices and the demands of a rapidly growing population, Saudi Arabia is experiencing an unprecedented programme of economic development.