BIMCO publishes new standalone Refund Guarantee for Shipbuilding Contracts

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.

Allie Loweth

Allie advises clients on a wide range of marine, commercial and international matters in the offshore and energy sectors. She has extensive practical experience of both transactional and contentious work including more than 5 years working in-house for a global oilfield service company. Allie’s work comprises advising on regulatory issues, day-to-day operational matters, contracts (including charters, offshore service contracts, drilling contracts, shipyard agreements, ship agency agreements, equipment leases, product sales and license arrangements), bespoke complex projects and restructurings, disputes and crisis response.

BIMCO publishes new standalone Refund Guarantee for Shipbuilding Contracts

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.

Mexico, Tampico - Harbour

France, Calais - Harbour

United Kingdom, England - Wales, Harwich - Radio

Ship arrest clauses focus on “sphere of responsibility”

BIMCO has published two clauses that take a balanced approach to termination risk following ship arrest, in response to cases seen in recent years when some dry cargo charterers have tightened procedures to arrest under a charter party.

Cristan Evans

Cristan Evans is a partner at Stephenson Harwood LLP and specialises in the resolution of shipping and trade disputes. He provides practical, commercial advice with the aim of resolving the most complex disputes in an efficient and cost-effective manner. Cristan acts for shipowners, charterers, cargo interests and their insurers in disputes arising under charterparties, bills of lading and contracts of affreightment. He has acted in Court proceedings and in arbitrations conducted under the LMAA, UNCITRAL, LCIA, FOSFA and GAFTA rules. An experienced commodities lawyer, Cristan also acts in sale contract disputes for buyers and sellers involving commodities such as petroleum products, coal, vegetable oils/oil seeds and biofuels.

BIMCO and ICS publish new cyber security guide for crew on board

BIMCO and the International Chamber of Shipping (ICS) have published a new cyber security workbook meant to serve as a guide for the master and officers on board ships and thereby help them prepare for a potential cyber incident.

Portugal, Sines - Harbour