New ICOMIA Refit Contract Guide
The International Council of Marine Industry Associations (ICOMIA)’s Refit Group has announced the publication of the ICOMIA Refit Contract Guide, which provides a guide for yacht owners and representatives who are using or planning to use the ICOMIA Superyacht Refit Contract.
The ICOMIA Refit Contract is in its 7th edition now and has been established as the go-to contract for yacht owners considering a refit of a large yacht. It covers all the essential issues that yacht owners and their insurers need to address when a refit is planned and undertaken. It was developed with the detailed input of prominent international marine lawyers in conjunction with major yacht management companies, yacht insurers and the refit shipyards themselves.
The Refit Contract Guide provides more information on the nature of the Refit Contract; how it was developed; the benefits of using it as well as the type of companies that use it. It also includes explanatory notes designed to provide some background information on the various parts of the contract such as performance, oversight, the scope of the contract, redelivery, price and payment terms, insurance and limitation of liability, warranty and disputes.
Rob Papworth, Chair of ICOMIA Superyacht Refit Group said:
“The ICOMIA Refit Group’s stated objective is to continuously improve refit industry standards and thus following clarification requests and recent contractual modifications we decided that now was the right time to issue a complementary guide to the key refit contract terms. The pandemic brought an unprecedented focus on redelivery and force majeure which both of these terms address in this handy, concise guide. Offering plain-English explanations of the most important concepts and clauses, as well as the schedules, the guide is there to create further clarity between the contracting parties. We believe this is another step forward in creating refit certainty for owners around the world.”
Download the Refit Contract Guide here.
For more information about the ICOMIA Superyacht Refit Group click here.
