BIMCO invites your comments on Refund Guarantee

Published: 25 March 2021

Refund guarantees are complex legal documents and must meet the requirements of the issuing banks. BIMCO has, in close co-operation with legal and commercial experts, banks and shipyards, been working to develop a standard refund guarantee which can be used for shipbuilding contracts, such as SAJ.

The objective has been to create an instrument that provides much needed legal certainty and protects the interests of all parties involved in a newbuilding project.

BIMCO would value your thoughts and input on our draft refund guarantee. Please send your feedback to contracts@bimco.org no later than 31 March 2021.

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