ICOMIA Revises Standard Framework Contract
The International Council of Marine Industry Associations’ (ICOMIA) Superyacht Refit Group, which represents quality refit, repair and maintenance yards, has launched the latest revision of its Standard Framework Contract. Developed by the Refit Group in conjunction with prominent international marine lawyers, the contract addresses matters such as performance, subcontracting, redelivery, liability, warranty and insurance and speeds up 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 over €100 million already issued. It’s 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 industry wide de facto sector standard” explains Rob Papworth, ICOMIA Superyacht Refit Group chairman.
The motivation for the establishment of the Refit Group was to improve the owner’s experience of refit by increasing professionalism in the sector with the leading yards coming together to both set the agenda and take a prominent leadership role in addressing issues. Therefore in addition to the Contract, Refit Group members conform to a unique Code of Practice, which brings certainty to refit and eases the owner's concerns on how their yacht's refit will be managed and the quality that will be achieved.