NEWBUILDCON

NEWBUILDCON is BIMCO’s standard newbuilding shipbuilding contract, published in 2007 for use in any jurisdiction and for any ship type. It governs the build between buyer and yard: the contract price paid in installments tied to milestones (steel cutting, keel laying, launch, delivery), the specification, the inspection and class regime, permissible delay and the buyer’s cancellation right, and the warranty period. Each installment paid before delivery is secured by a refund guarantee from the yard’s bank, specimen at Annex A(iii). Disputes go to London arbitration under English law unless amended. NEWBUILDCON competes with the SAJ and CMAC yard forms.