WRECKSTAGE 2010

Overview

WRECKSTAGE 2010 is an international wreck removal and marine services agreement based on payment of a lump sum in stages. The latest edition of this contract is WRECKSTAGE 2010.

Copyright in WRECKSTAGE 2010 is held by BIMCO.

International Wreck Removal and Marine Services Agreement
(Lump Sum – Stage Payments)

WRECKSTAGE was first introduced to the industry in 1999. The background to the revision of WRECKSTAGE is that in early 2009 the International Group of P&I Clubs Salvage Sub-committee approached BIMCO with a request to help initiate a revision of the more widely used WRECKHIRE Daily Hire Agreement. The Clubs felt that although WRECKHIRE had served the industry well over the past 10 years, certain amendments were necessary to introduce better cost control, to restore to the contract a more equal balance between the parties, and to incorporate current commercial practice. A direct consequence of the revision of WRECKHIRE was the need to ensure consistency with the two other BIMCO/ISU Wreck Removal and Marine Service Agreements – WRECKSTAGE 99 and WRECKFIXED 99 – by making parallel amendments where appropriate.

The revision of the three BIMCO/ISU Wreck Removal/Marine Services Agreements began in 2009 and was concluded a year later. BIMCO is grateful to the following Sub-committee members for their valuable contributions to the revision process:

Mr Mike Lacey, ISU, London (ISU)
Mr Mark Hoddinott, Titan Salvage, UK (Salvor)
Mr Michael Kelleher, West of England, UK (Club)
Mr Jonathan Hare, Skuld, Norway (Club)
Mr Reinder Peek, Smit Salvage B.V., Netherlands, (Salvor)
Mr Donald Chard, The Chamber of Shipping of the UK, London (Owner)
Mr Hugh Hurst, International Group of P&I Clubs, UK (Club)
Mr Dominic Johnson, Holman Fenwick Willan, UK (Lawyer)

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