Fairness, transparency and cooperation are the main drivers in a collaborative project by the International Salvage Union and the P&I Clubs to work with BIMCO to update industry-standard wreck removal agreements.
The initiative to update the BIMCO wreck agreements comes from a concern from P&I Clubs about the rising cost of wreck removal and a wish to make the process more efficient and manageable.
Price alone should not be the determinative factor in tendering for projects – the focus should be on assessing risk and finding an optimal solution together with the right salvage contractor
BIMCO said.
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Work on revising the BIMCO wreck removal agreements has been ongoing for over a year and a half. The most notable change is the introduction of an optional new risk allocation clause that provides an alternative solution to the existing, but often deleted, Clause 4 (Change of Method of Work and/or Personnel, Craft and Equipment).
Formulating this new clause has proved no easy task to find a solution workable, amenable and fair to both the contractor and the client
according to BIMCO.
The P&I clubs and salvors are working closely together to create a solution that they believe will best meet the needs of the industry in the years to come. The revision work will continue during the summer and it is hoped that a new edition of WRECKSTAGE will be available by the end of this year.
