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BIMCO publishes new standalone Refund Guarantee for Shipbuilding Contracts

17 June 2021

A buyer’s payment instalments are at risk under a shipbuilding contract until the shipyard delivers the ship. To safeguard against the risk of the shipyard defaulting or becoming insolvent it is common practice to cover this risk with a refund guarantee issued by a bank. BIMCO’s Documentary Committee has adopted a clearly worded standalone refund guarantee that will assist parties in their shipbuilding projects.

Novation Agreement for Shipbuilding Contracts

17 October 2016

The Novation Agreement for Shipbuilding Contracts is an agreement between the parties to novate the shipbuilding contract from the original buyers to the new buyers on terms set out in the agreement. The latest edition of this contract is the Novation Agreement for Shipbuilding Contracts, issued in 2016. Copyright in the Novation Agreement for Shipbuilding Contracts is held by BIMCO.

BIMCO CEO extends contract 5 years

08 December 2017

BIMCO’s Secretary General & CEO, Angus Frew, will extend his contract to the end of 2022. His top priority in 2018 will be environmental legislation. Over the past four years, Frew has been instrumental in modernising BIMCO and in increasing its member-focus.

BIMCO publishes new standalone Refund Guarantee for Shipbuilding Contracts

17 June 2021

A buyer’s payment instalments are at risk under a shipbuilding contract until the shipyard delivers the ship. To safeguard against the risk of the shipyard defaulting or becoming insolvent it is common practice to cover this risk with a refund guarantee issued by a bank. BIMCO’s Documentary Committee has adopted a clearly worded standalone refund guarantee that will assist parties in their shipbuilding projects.