Promoting Fair Marine Contracting
Advertise Here
Trending Topics:
Sunday, June 14, 2015

Ship Equipment
Ship Maintenance
Ship Systems
Worldwide Metric
Freeman Marine
Neptune Group

Home Page
About MarineTalk
Buyer's Guide
World InfoDesk
Discussion Forums
Advisory Board
Advertising Information
Submit Company Listing
Edit Company Listing
Site Map
MarineTalk Site Search:
Featured Companies

Canadian Institute of Marine Engineering
CIMarE was incorporated by Federal Charter in April 1976 to advance and promote in Canada the science and practice of marine engineering, naval engineering, naval architecture, ocean engineering, marine electrics and electronics, control engineering.

VELIFERA (Klaipeda)
"VELIFERA", Marine and Cargo Survey Company originally established in Klaipeda, specializes in inspection, testing, verification of quantity and quality of various bulk, general cargoes and covers all Baltic ports. More info at

PortVision, a web-based service that empowers maritime users with new levels of information and knowledge about vessel tracking and terminal activities. Stakeholders can have information on ship tracking/terminals in real-time or historical AIS data.
    USA Texas

Heriot-Watt University
The Ocean Systems Laboratory (OSL) is a leading international centre for research, development and exploitation of acoustic, robotic and video-imaging systems.
    United Kingdom

Promoting Fair Marine Contracting


Promoting Fair Marine Contracting

Contracting conditions around the world are complex and numerous. Service contracting is a high-risk activity and risk exposure can be very large and bear no relationship to contract value. With these challenges in mind, IMCA - the International Marine Contractors Association published their contracting principles a year ago; and since then has taken on board feedback from their members and their members' clients to ensure a win-win situation.

In 2002, one oil company commissioned a study of the business environment in offshore contracting. The study included interviews with 15 major contractors and a dozen oil companies and summary results were shared with the contributors. The feedback identified some bad experiences and an inequitable balance of risk and reward for contractors. The root of the problem was almost always in the conditions of contract.

The eight-page "IMCA Contracting Principles" highlights fifteen principles with a legal definition being given followed by a comment more easily understood by the layman showing clearly how each principle measures up to IMCA's fair risk allocation goals.

The principles covered are:

  • Company group and contractor group property and personnel
  • Project works (including both company and contractor supplied items)
  • Pollution
  • Third parties
  • Consequential losses
  • Warranty obligations
  • Limitation of liabilities
  • Minimum insurance requirements
  • Force majeure and suspension
  • Delay and variation orders
  • Free access to worksite
  • Intellectual property rights
  • Termination by company for convenience
  • Company's obligation to pay contractor

The Principles are not intended to represent a complete analysis of all risks, which are covered by contracts in the oil and gas industry. In general, they reflect well-established industry custom and practice in addressing certain risks, such as the knock for knock indemnity regime. They are not contractual clauses, do not in any way form a standard contract, nor is their adoption in any way mandatory.

IMCA Contracting Principles  

About the Company

You may also like:
Trending Technology, World Shipping & Maritime News

Latest Marine News and Technology Articles | Maritime 2015 Buyer's Guide


E-mail:  Contact Us

Copyright 1998 - 2015 MarineTalk
Division of Link Internet Business Solutions
All rights reserved.

The reproduction, retrieval, copying or transmission of this Web site content,
in whole or in part, is not permitted without the express permission of
MarineTalk .