Marine - BIMCO Standard Contract for Offshore Wind Farm Support Vessles
As a response to the increasing number of offshore wind farm projects undergoing planning and in the process of development and construction, and future maintenance requirements, BIMCO is developing a standard time charter contract (“WINDTIME”) for offshore wind farm service vessels.
WINDTIME is based on the SUPPLYTIME 2005 contract and has been drafted with significant input from industry stakeholders including operators, service providers, shipbrokers, insurance and legal representatives. In November 2011 a BIMCO sub-committee considered various matters particular to the offshore wind farm industry to be addressed in WINDTIME and discussed several key issues such as:-
Requirement for a pre-delivery HSQE vessel audit;
- Obligation for owners to inform charterers of vessel’s ETA at place of delivery;
- Liquidated damages provision in relation to delays beyond the cancelling date; and
- Insurance and liability mechanisms.
It is expected that a first draft of WINDTIME will be presented to the BIMCO Documentary Committee meeting to be held in Singapore in April 2012. We will provide further updates and information as and when these are available.