The world’s dependence on oil and gas is increasing as global economic and infrastructure continue to rely heavily on petroleum-based products. According to market research by IBISWorld, the total revenues for the oil and gas sector came to $2 trillion in 2017. As the demand continues to grow, we will see more companies exploring new sites and improve on their capabilities to meet the World’s demand. Deals in oil and gas may be worth billions of dollars over decade. Yet, there is surprising little systematic guidance for ensuring transparency.
Terminology of Tender Practices Versus Tender Process
There have been a lot of confusion over the term practices and process. It’s important to understand the difference and definition between this two for all to have clearer concept. Practice is defined as a method, idea or rule used which also refers to the act of continually doing something in order to get better. Tender practice is the method set as standard for the Tendering process which share similarity in having a law practices in place for lawyers to adhere.