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Non-Legal Fine Points of Yacht New-Build and Refit Contracts - X
Phil Friedman · NEVER OVERLOOK THE IMPORTANCE OF A DETAILED GENERAL SPECIFICATION · Few, if any large-yacht building projects begin with fully developed engineering. Preliminary engineering, perhaps, but not fully developed. This is because few, if any buyers or owners are willing to wait lon ...
Non-Legal Fine Points of Yacht New-Build and Refit Contracts - VIII
Phil Friedman · DETAILED DEFINITION OF PAYMENT MILESTONES ESSENTIAL... · Most contracts for large-yacht builds and major refits include a schedule of “progress” payments. These are based on the achievement of designated milestones during the the project. Unfortunately, in the vast majority o ...
Non-Legal Fine Points of Yacht New-Build and Refit Contracts - VII
Phil Friedman · FAILING TO DETAIL HOW EMERGENT WORK AND CHANGE ORDERS ARE TO BE HANDLED IS A STANDING INVITATION TO RENEGOTIATE TERMS MID-PROJECT… · As noted last installment, if a yacht new-build or major refit contract doesn’t detail how emergent work and change orders will be handled and pric ...
Non-Legal Fine Points of Yacht New-Build and Refit Contracts - VI
Phil Friedman · TO IGNORE EMERGENT WORK AND CHANGE ORDERS IS TO LEAVE A HOLE IN A YACHT BUILD CONTRACT BIG ENOUGH TO DRIVE A SUPERYACHT THROUGH… · So you think you have a contract pretty well defined. You’ve defined the scope of work. You’ve agreed upon and set the project schedule. You’ve det ...
Non-Legal Fine Points of Yacht New-Build and Refit Contracts - V
Phil Friedman · THE DIFFERENCE BETWEEN AN “ESTIMATE” AND A “QUOTATION” MAKES A REALLY BIG DIFFERENCE CONTRACTUALLY… · It may seem to be only a small variance in nomenclature, but the difference between an “estimate” and a “quotation” makes all the difference in the world when it comes to a new b ...
Non-Legal Fine Points of Yacht New-Build and Refit Contracts - IV
Phil Friedman · IN YACHT PROJECT MANAGEMENT, NOTHING SUBSTITUTES FOR AN INTIMATE KNOWLEDGE OF BOAT BUILDING OPERATIONS AND PROCESSES… · You run across a lot of jive talk about yacht build project planning and scheduling. Indeed, it seems that just about everyone in the marine industry with a c ...
Non-Legal Fine Points of Yacht New-Build and Refit Contracts - III
Phil Friedman · NEW-BUILD AND MAJOR REFIT CONTRACTS CAN BE LEGALLY BULLET-PROOF, YET STILL FAIL TO RESULT IN SUCCESSFUL PROJECT COMPLETION… · The “SOW” is the foundation upon which all other aspects of a new build or refit contract are built... · The “scope of work” defines what work and materia ...
Non-Legal Fine Points of Yacht New-Build and Refit Contracts - II
Phil Friedman · NEW-BUILD AND MAJOR REFIT CONTRACTS CAN BE LEGALLY BULLET-PROOF, YET STILL FAIL TO RESULT IN SUCCESSFUL PROJECT COMPLETION… · And several critical, non-legal issues should be considered with an eye to improving such contracts and better protecting the interests of the buyer or ...
Non-Legal Fine Points of Yacht New-Build and Refit Contracts - I
Phil Friedman · NEW-BUILD AND MAJOR REFIT CONTRACTS CAN BE LEGALLY BULLET PROOF, YET STILL FAIL TO RESULT IN SUCCESSFUL PROJECT COMPLETION… · There are a number of critical non-legal issues which need to be handled correctly, if a project is to be brought to a conclusion that is ultimately s ...
