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.