CB. Thanks for the reply. I can?t say for sure that CTP aren?t pursuing their options as regards to Century?s liabilities, however my reading of your posts is that you spoke to JH, and JH indicated there were liability limitations in place in the contract to make pursuing broader liability, pointless ? ie the costs would be limited to rig demobilisation etc. Correct me if I?m wrong in this assumption. It?s not something that there is any public information on which I could make a call either way. I don?t have a copy of the contract, although I?d love to see it. What I keep saying is that limitation of liability clauses are worthless if negligence is proven. Then question then is ? is it worth litigating ? in terms of cost and time.
I get the whole thing about contractors who don?t have limited liability in a contract charging more, but if that?s the convention in the mining industry to enter into contracts with limited liability to save costs, then I think that?s a big flaw. There is no ?big stick? onus on contractors to perform their agreed work effort to an adequate standard. Moreover, I can?t see prof indemnity costing that much for $10-20mill, even for a drilling contractor. I have bought prof indemnity for $10mill and it?s cost me slightly less than $10K a year. Different sector to mining, but let?s say it costs $100K to get $10mill for prof indemnity in a mining project, then why not pay $100K extra. In the context of what has happened ? ie millions and millions of $ of lost money, not to mention 10s of millions of $ of lost shareholder value ? then, a $100K would be small change. That?s JH?s salary for 2 months (while he waits for the rain to go away). But of course it could just be my lack of understanding how difficult it is to get insured for prof indemnity in the mining sector.
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