The smart contracting bulletin: energy and offshore industry — November 2012
The Smart Contracting bulletin is aimed at professionals in the energy and offshore industry worldwide. Its purpose is to highlight relevant issues and offer guidance on how to avoid or minimise these risks.
It is hardly news that the current shipping market is extremely difficult, and shipyards have not been spared from this brutal market. Yards that were once flush with orders are still reeling from a wave of cancellations and a decrease in orders that put a number in critical financial situations. Worryingly, this appears to have prompted a number of distressed yards, particularly in China and India, to take the unusual step of applying for court orders preventing their own banks from making payment under the refund guarantees that secure a buyer’s pre-delivery instalments or stopping the buyers from claiming under those refund guarantees.
Yards undertaking large scale EPC contracts such as the construction of newbuilds are typically larger and less prone to distress. Nevertheless, it is a trend that those contemplating new buildings of any sort should be aware of particularly in this industry where the cost of the average new build is high, as is the risk of disputes…
If you are registered and logged in to the site, click on the link below to read the rest of the Ince & Co briefing. If not, please register or sign in with your details below.
Click on the link above to download briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Ince & Co
News from The Lawyer
Briefings from Ince & Co
Biggest changes to British commercial insurance law for at least 100 years.
Where cargo is loaded into a carrier’s containers that are subsequently loaded onto the vessel it is unrealistic to treat this as anything other than a single loading process.