Shipbuilding
Shipbuilding Contract Disputes
Buyer Entitled to Refund of Advance Payments under Shipbuilding Contract: Seller’s Claim Time-Barred In this shipbuilding contract dispute, the Commercial Court judge, Mr. Justice Steel, reinforced that “it is vital from the buyer’s viewpoint to ensure that the contract incorporates a mechanism by which his advances can be recovered simply and quickly should the builder [...]
Ship Builders’ Risks
Co-Insurance and Waiver of Liability Where a Claimant (A) sues Defendant (B) the latter may deny liability on the grounds of lack of any wrongdoing. Alternatively, B may accept liability for breach of duty but he may contend that the loss was, at least in part, also the result of wrongdoing on the part of [...]
“Genuine Commercial Justification”
“Genuine Commercial Justification” as a basis for a liquidated damages clause in Shipbuilding Facts: XYZ Company signed a contract with the claimant shipbuilder for the construction of a luxury yacht. The contract price of €38 million was payable by installments over the course of three years, the first of which was due on 17 October [...]
Shipbuilding a Law Case for Study
The High Court has recently looked at issues arising where one party seeks to enforce a liquidated damages clause incorporated into a shipbuilding contract, and the defaulting party contends that liquidated damages are not payable because they constitute a “penalty”. Facts The claimant was a luxury yacht builder which agreed to construct and sell a [...]