This booklet includes a sample copy of the NEWBUILDCON contract and the related explanatory notes. The explanatory notes provide some background information on the clauses of the BIMCO contract.
The objective of developing a BIMCO Standard Newbuilding Contract is to provide builders and buyers with a different choice of contract to those currently in use. At present, most buyers are obliged to rely on the shipbuilding contract produced by the shipyards. NEWBUILDCON offers the parties a concise, balanced and comprehensive shipbuilding contract. In its simplest form the BIMCO contract provides both parties with an ideal checklist to ensure that whatever final agreement is reached, shipyards have the key provisions required in any shipbuilding contract.
NEWBUILDCON – Standard Newbuilding Contract
BIMCO is the world’s largest direct-membership organisation for shipowners, charterers, shipbrokers and agents. In total, around 60% of the world’s merchant fleet is a BIMCO member, measured by tonnage (weight of the unloaded ships).
BIMCO’s goal is to secure a level playing field for the global shipping industry. BIMCO therefore works to promote and secure global standards and regulations for the maritime sector. The organisation’s century long effort into creating standard contracts and clauses is an expression of that aim.
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- September 2020
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