ABSTRACT
Bimco's development of a shipbuilding contract fulfils its longstanding ambition to produce a standard document for every sector of the shipping industry representing the entire life cycle of a ship from construction through trading to demolition. This chapter discusses Newbuilddcon's salient features as well as the particular strengths and weaknesses of the form that have been identified since its release, with particular reference to the SAJ form and the CMAC form. The US Maritime Administration MARAD contract is the primary US shipbuilding contract. Newbuilddcon's provisions are far more comprehensive than the SAJ form in applying to all intellectual property (IP) rights, rather than merely patents. In contrast to the SAJ and CMAC forms, Newbuilddcon excludes the buyer's rights of set-off except against the final instalment. Newbuilddcon requires that both parties obtain financial guarantees which are substantially in the form and substance of those in Annex A.
