The International Council of Marine Industry Associations’ Superyacht Refit Group introduced the latest version of its standard framework contract.
The Refit Group represents quality refit, repair and maintenance yards, and the group developed the new contract in conjunction with prominent international marine lawyers. It addresses performance, subcontracting, redelivery, warranty and insurance and speeds the process of contractual settlement.
“The ICOMIA Superyacht Refit Group Standard Framework Contract has achieved widespread use within the refit sector, with hundreds of contracts representing [more than $109 million] already issued,” ICOMIA Superyacht Refit Group chairman Rob Papworth said in a statement.
“Its acceptance by the major management and insurance companies, coupled with the increasing number of industry-leading ICOMIA Refit Group members, is testament to the fact that the original contract was a huge step forward in the professionalism of the refit industry, and we hope that the release of this update strengthens its position as an industrywide de facto sector standard.”
The Refit Group was established to improve owners’ refit experience by increasing professionalism in the sector, with the leading yards coming together to set the agenda and take a prominent leadership role in addressing issues.
In addition to the contract, Refit Group members conform to a unique Code of Practice, which brings certainty to refit and eases owners’ concerns about how a yacht’s refit will be managed and the quality that will be achieved.
Refit Group members include Amico & Co.; Astilleros de Mallorca; Blohm + Voss; Compositeworks; Huisfit (Royal Huisman); Lusben; Marina Barcelona 92; Monaco Marine; NCP-Repair Shipyard Sibenik Ltd.; Nobiskrug GmbH; and Pendennis Shipyard Ltd.