Research On Legal Issues Of BIMCO Standard Shipbuilding Contract

BIMCO standard shipbuilding contract has been popularized throughout theworld. Although members from the Baltic and International Maritime Conferenceshow great confidence towards NEWBUILDCON, most shipyards in Chineseeven Asian shipping market take passive attitude when they have to adopt all itsclauses. Main reasons are described as follows: The Builder has to take moreresponsibility during shipbuilding when performing his duty under the contract,including promptly satisfying international new standard and criterion; usingmaterial which can be recycled and providing the Buyer with a Green PassportStatement of Compliance; enhancing technical penalty point and shortenprolonging deliver time; limiting range of subcontracting and so on. All these newclauses increase risks during process of signing and performing shipbuildingcontract. Domestic shipping industry feel worried about inclining attitude to theBuyer in NEWBUILDCON. However, BIMCO standard shipbuilding contract isindeed a modern and compositive one, it is not totally favorable to the Buyer. Thispaper is written from both theoretical and practical perspective, aiming to analyzethe contract and its legal issues.