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BIMCO Standard Shipbuilding Contract Progress Report Tripartite Meeting October 2005.

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Presentation on theme: "BIMCO Standard Shipbuilding Contract Progress Report Tripartite Meeting October 2005."— Presentation transcript:

1 BIMCO Standard Shipbuilding Contract Progress Report Tripartite Meeting October 2005

2 BIMCO Standard Shipbuilding Contract Background Project Team Project Timetable Mission Statement Method and Format Structure

3 BIMCO Standard Shipbuilding Contract PROJECT TEAM Sub-committee Nils Gustaf Palmgren (Chairman) Finland Georg Scheel Nordisk Norway Daniel Evans Thomas Miller UK David Taylor International Underwriters Association (IUA) Zhang Ming China Shipbuilders China Hiroshi Sugiura NYK Japan Amund Skou IACS James Mason Wellington Underwriters UK A A Spyrantis Sun Enterprises Ltd Greece Rajeev Philips INTERTANKO Drafting Group Nils Gustaf Palmgren (Chairman) Finland Georg Scheel Nordisk Norway Daniel Evans Thomas Miller UK Chris Hilton Eversheds UK Chris Kidd Ince & Co UK

4 BIMCO Standard Shipbuilding Contract Background Project Team Project Timetable Mission Statement Method and Format Structure

5 BIMCO Standard Shipbuilding Contract Project Timeline Finish May 2007 Start July 2005 Review by Documentary Committee May 2006 Tripartite Oct 2006 Tripartite Oct 2005 Drafting Group Review by Documentary Committee Nov 2005 Drafting Group Drafting Group Drafting Group Drafting Group Sub Committee Meeting Sub Committee Meeting Sub Committee Meetings Sub Committee Meeting Sub Committee Meeting Drafting Group Review by Documentary Committee Nov 2006 Drafting Group

6 BIMCO Standard Shipbuilding Contract Background Project Team Project Timetable Mission Statement Method and Format Structure

7 BIMCO Standard Shipbuilding Contract MISSION STATEMENT 1. In developing a Standard Shipbuilding Contract, BIMCOs objective is to produce a single, comprehensive document that will be applicable to all ship types and in all jurisdictions. In addition it will serve as a benchmark for the key provisions that should be contained in any shipbuilding contract and will facilitate negotiation. The Contract will build upon and not simply replicate the terms of existing contracts. It is the intention that the Contract will be drafted with the involvement of shipowners and shipyards and with the support of other relevant parties to produce a document that is acceptable to all. 2. Such a Contract will provide: Clarity - so that the parties can easily identify their rights and obligations and reduce the risk of disputes on matters of interpretation of contract terms; Balance - so that the liabilities are equally apportioned between the parties; Harmonisation – the use of standard wordings across the industry to help facilitate the business process. 3. BIMCO is renowned for its extensive experience and success in creating modern, quality documents for global use that set industry standards. Such documents may replace existing standard forms or private contracts. It is BIMCOs objective to maintain its position at the forefront of the development of documentation and to further strengthen its role as the recognised leader in the development of standard documentation for the benefit of the entire maritime industry. In this respect, it is BIMCOs goal to produce a standard form of contract for use in each niche of the shipping industry.

8 BIMCO Standard Shipbuilding Contract MISSION STATEMENT 1. In developing a Standard Shipbuilding Contract, BIMCOs objective is to produce a single, comprehensive document that will be applicable to all ship types and in all jurisdictions. In addition it will serve as a benchmark for the key provisions that should be contained in any shipbuilding contract and will facilitate negotiation. The Contract will build upon and not simply replicate the terms of existing contracts. It is the intention that the Contract will be drafted with the involvement of shipowners and shipyards and with the support of other relevant parties to produce a document that is acceptable to all. 2. Such a Contract will provide: Clarity - so that the parties can easily identify their rights and obligations and reduce the risk of disputes on matters of interpretation of contract terms; Balance - so that the liabilities are equally apportioned between the parties; Harmonisation – the use of standard wordings across the industry to help facilitate the business process. 3. BIMCO is renowned for its extensive experience and success in creating modern, quality documents for global use that set industry standards. Such documents may replace existing standard forms or private contracts. It is BIMCOs objective to maintain its position at the forefront of the development of documentation and to further strengthen its role as the recognised leader in the development of standard documentation for the benefit of the entire maritime industry. In this respect, it is BIMCOs goal to produce a standard form of contract for use in each niche of the shipping industry. 1. In developing a Standard Shipbuilding Contract, BIMCOs objective is to produce a single, comprehensive document that will be applicable to all ship types and in all jurisdictions. In addition it will serve as a benchmark for the key provisions that should be contained in any shipbuilding contract and will facilitate negotiation. The Contract will build upon and not simply replicate the terms of existing contracts. It is the intention that the Contract will be drafted with the involvement of shipowners and shipyards and with the support of other relevant parties to produce a document that is acceptable to all.

9 BIMCO Standard Shipbuilding Contract MISSION STATEMENT 1. In developing a Standard Shipbuilding Contract, BIMCOs objective is to produce a single, comprehensive document that will be applicable to all ship types and in all jurisdictions. In addition it will serve as a benchmark for the key provisions that should be contained in any shipbuilding contract and will facilitate negotiation. The Contract will build upon and not simply replicate the terms of existing contracts. It is the intention that the Contract will be drafted with the involvement of shipowners and shipyards and with the support of other relevant parties to produce a document that is acceptable to all. 2. Such a Contract will provide: Clarity - so that the parties can easily identify their rights and obligations and reduce the risk of disputes on matters of interpretation of contract terms; Balance - so that the liabilities are equally apportioned between the parties; Harmonisation – the use of standard wordings across the industry to help facilitate the business process. 3. BIMCO is renowned for its extensive experience and success in creating modern, quality documents for global use that set industry standards. Such documents may replace existing standard forms or private contracts. It is BIMCOs objective to maintain its position at the forefront of the development of documentation and to further strengthen its role as the recognised leader in the development of standard documentation for the benefit of the entire maritime industry. In this respect, it is BIMCOs goal to produce a standard form of contract for use in each niche of the shipping industry. 2. Such a Contract will provide: Clarity - so that the parties can easily identify their rights and obligations and reduce the risk of disputes on matters of interpretation of contract terms; Balance - so that the liabilities are equally apportioned between the parties; Harmonisation – the use of standard wordings across the industry to help facilitate the business process.

10 BIMCO Standard Shipbuilding Contract MISSION STATEMENT 1. In developing a Standard Shipbuilding Contract, BIMCOs objective is to produce a single, comprehensive document that will be applicable to all ship types and in all jurisdictions. In addition it will serve as a benchmark for the key provisions that should be contained in any shipbuilding contract and will facilitate negotiation. The Contract will build upon and not simply replicate the terms of existing contracts. It is the intention that the Contract will be drafted with the involvement of shipowners and shipyards and with the support of other relevant parties to produce a document that is acceptable to all. 2. Such a Contract will provide: Clarity - so that the parties can easily identify their rights and obligations and reduce the risk of disputes on matters of interpretation of contract terms; Balance - so that the liabilities are equally apportioned between the parties; Harmonisation – the use of standard wordings across the industry to help facilitate the business process. 3. BIMCO is renowned for its extensive experience and success in creating modern, quality documents for global use that set industry standards. Such documents may replace existing standard forms or private contracts. It is BIMCOs objective to maintain its position at the forefront of the development of documentation and to further strengthen its role as the recognised leader in the development of standard documentation for the benefit of the entire maritime industry. In this respect, it is BIMCOs goal to produce a standard form of contract for use in each niche of the shipping industry.

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