Three new editions of the BIMCO/International Salvage Union wreck removal and marine services agreements have been published by BIMCO with accompanying Explanatory Notes. The agreements - WRECKHIRE 2010 (Daily Hire); WRECKSTAGE 2010 (Lump Sum - Stage Payments) and WRECKFIXED 2010 (Fixed Price - No Cure, No Pay) are now all available on BIMCO’s idea online contract editing system. Sample copies of the three agreements may be downloaded from the Documents section of the BIMCO website along with detailed Explanatory Notes highlighting new features and describing the changes to the previous 1999 editions of these standard forms.
The revision of the WRECKHIRE 99, WRECKSTAGE 99 and WRECKFIXED 99 Wreck Removal Agreements has taken a little under a year to complete. The initiative to revise the forms came from the P&I Clubs that act on behalf of owners to negotiate with salvage experts to deal with wrecked vessels. The P&I Clubs felt that the forms had become dated and no longer reflected the true commercial imperative. BIMCO was assisted in the revision of the three wreck removal agreements by the International Salvage Union, the International Group of P&I Clubs, the Chamber of Shipping of the UK, Titan Salvage, Smit Salvage, West of England P&I, Skuld P&I and with legal advice provided by Holman Fenwick Willan.