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BIMCO publishes new standalone Refund Guarantee for Shipbuilding Contracts

17 June 2021

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.

BIMCO invites your comments on Refund Guarantee

25 March 2021

Refund guarantees are complex legal documents and must meet the requirements of the issuing banks. BIMCO has, in close co-operation with legal and commercial experts, banks and shipyards, been working to develop a standard refund guarantee which can be used for shipbuilding contracts, such as SAJ.

Cyber compliance in the crosshairs

23 March 2021

The International Maritime Organization’s (IMO) latest resolution offers a much-needed path to help prepare for cyber attacks, which are seen as increasingly likely in this digital age. Since January, shipowners and operators have been obliged to assess and prepare for cyber threats to comply with the new resolution.