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BIMCO publishes new standalone Refund Guarantee for Shipbuilding Contracts

Overview 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 ...

The post BIMCO publishes new standalone Refund Guarantee for Shipbuilding Contracts first appeared on Hellenic Shipping News Worldwide.

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Overview 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 ...

The post BIMCO publishes new standalone Refund Guarantee for Shipbuilding Contracts first appeared on Hellenic Shipping News Worldwide. [post_title] => BIMCO publishes new standalone Refund Guarantee for Shipbuilding Contracts [post_excerpt] => Overview 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... [post_status] => publish [comment_status] => open [ping_status] => closed [post_password] => [post_name] => bimco-publishes-new-standalone-refund-guarantee-for-shipbuilding-contracts [to_ping] => [pinged] => [post_modified] => 2021-06-18 21:00:58 [post_modified_gmt] => 2021-06-18 21:00:58 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.hellenicshippingnews.com/?p=873784 [menu_order] => 0 [post_type] => news [post_mime_type] => [comment_count] => 0 [filter] => raw )