Latest International Council of Marine Industry Associations Superyacht Refit Contract is Now Published
Targeted News Service
BRUSSELS, Belgium, March 3 -- The International Council of Marine Industry Associations issued the following news:
The International Council of Marine Industry Associations (ICOMIA) Superyacht Refit Group, which represents quality refit, repair and maintenance yards, has launched the seventh edition of its Standard Framework Contract.
This edition of the ICOMIA Refit Contract was produced through an iterative process with experienced marine lawyers and insurers, yacht owners' representatives and refit yards from the ICOMIA Superyacht Refit Group. Changes to the contract were made in order to improve the usability, security and relevance of the contract. Important changes include clarification of the relationship between the Contract and warranty repair work and amendments to clauses surrounding insurance and owner's liability.
Rob Papworth, Chairman, ICOMIA Superyacht Refit Group said:
"Over the last 10 years, the ICOMIA Superyacht Refit Group Standard Framework Contract has become the de facto contract in the refit and repair sector with over 1000 contracts representing hundreds of millions of euros already completed. We saw during the COVID crises that despite these unprecedented times none of our members reported any legal issues with their clients which can at least partially be attributed to the clear guidelines laid out in the contract. As a result, we have decided to refrain from any changes concerning the force majeure clauses however, following our spirit of constantly trying to refine and present better solutions to the market place, we have implemented several other changes in consultation with leading lawyers, insurers and management companies and we hope that the release of this update helps strengthen further the security and professionalism of refits conducted within our industry"
ICOMIA is also working on producing A Guide for Yacht Owners and Representatives as a tool to support those using the contract, and we felt that the issue of force majeure and what marinas should be mindful of in relation to COVID-19 could be addressed within this guide.
Benefits of using the ICOMIA Refit Contract:
* The Refit Contract means that there is an industry-standard. Therefore, clients can expect yards to meet standard terms and conditions. This fast-tracks the process by preventing excessive negotiation.
* The Refit Contract provides a standardised way of working which is fair for all. Refits can be costly and take a significant length of time, so it is important that any agreement made provides security for both client and yard, ensuring that high-quality refits are undertaken under appropriate conditions, with suitable payment, insurance and redelivery processes in place.
* The wide-spread use of the contract allows clients to compare like-for-like, making procurement a more straightforward process.
* The Refit Contract allows clients to change yards without having to renegotiate terms, as the Standard Contract is the accepted industry standard.