WRECKHIRE and WRECKFIXED revision off to a good start

Published: 11 December 2024

Work to complete the revision of BIMCO’s suite of international wreck removal and marine services agreements started last week when the subcommittee in charge of the project met in London to embark on the review of WRECKHIRE 2010 (based on payment of daily hire) and WRECKFIXED 2010 (based on a fixed price and on the principle of no cure, no pay).

The review of the two standard agreements, both approved by the International Salvage Union (ISU), follows the revision of WRECKSTAGE (based on payment of a lumpsum in stages), the third in the suite of BIMCO wreck removal and marine services agreements published in an updated version earlier this year. To ensure consistency in the suite of agreements, relevant amendments made in WRECKSTAGE 2024 will be carried over to the remaining two agreements and other updates will be made as necessary to ensure that the agreements remain fit for purpose in an evolving maritime landscape.

At its meeting in London on 4 and 5 December, taking place at the offices of Reed Smith, the subcommittee decided to first focus its attention on WRECKHIRE and good progress was made going through the various provisions of the agreement. Once WRECKHIRE has been reviewed, work will continue with WRECKFIXED before both agreements are made available for industry consultation and, eventually, presented to BIMCO’s Documentary Committee for approval.

The project is the result of a collaborative effort by the ISU, the International Group of P&I Clubs (IGP&I), and legal experts. The subcommittee is chaired by Richard Janssen (Smit Salvage) and also includes John Witte (Donjon Marine), Leendert Muller (Multraship), James Herbert (Marine Salvage), Andreas Øgrey (Skuld P&I Club), Sam Kendall-Marsden (NorthStandard P&I Club), Ivar Brynildsen (Gard P&I Club), Nick Shaw (IGP&I), Tony Goldsmith (Hill Dickinson), Andrew Chamberlain (HFW) and Richard Gunn (Reed Smith).

The next meeting of the subcommittee will be held online on 5 February. The project is expected to be concluded during 2025. For further updates on the revision, please visit the What we are working on part of the website and sign up to our weekly newsletter. If you would like to be part of the consultation process, please contact BIMCO’s Contracts & Clauses team at contracts@bimco.org.

Receive maritime insights directly in your inbox!

Stay ahead and get the news faster. Subscribe to our newsletter for timely updates, expert analysis and exclusive content.

What best describes your reason for contacting BIMCO?

This helps us direct your call to the correct department.

Please select a reason for contacting BIMCO from the list above to find the best contact number