Non-Legal Fine Points of Yacht New-Build and Refit Contracts - I
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 satisfactory to both the boatyard and the vessel's owner. These include:
- Defining Scope of Work (SOW)
- Setting project schedules- Estimates vs. quotes
- Time & Materials vs. fixed-price
- Comparing quoted pricing
- Dealing with emergent work and change orders
- Milestones and progress payments
- Surveys, classification, and industry standards
- Engineering and specifications
- Inspections and final acceptance
In this course of this series of posts, we'll talk about these issues from both the standpoint of a yard owner/manager, and that of a yacht owner/captain. And I'll introduce you to some real-world examples that illustrate critical do’s and don’ts in these areas. Along the way, if you have particular questions or issues you'd like to raise and/or discuss, just leave a comment or drop me a note. The discussion will be ongoing and dynamic. Welcome to the conversation. ― Phil Friedman
Author's Notes: I am not a lawyer, and nothing in this series is offered as legal advice. The information, opinions, tips and comments will be based on my 30 some years in the yachting industry, including my several year stint as president and CEO of a major, world-class megayacht builder.
If you find yachts and yacht building of interest, you may want to read some of my other marine industry related articles:
"Sizing Generators to Run Greener and Cleaner"
"Ten Insider Tips on Yacht Build Contracts"
"App or Not, Garbage In Means Garbage Out"
If you'd like to receive notifications of this ongoing series or my other writings on a regular basis, click the [FOLLOW] button on my beBee profile. As a writer-friend of mine says, you can always change your mind later.
Feel free to "like" and "share" this post and my other LinkedIn articles — whether on LinkedIn, Twitter, Facebook, or Google+. I ask only that you credit me properly as the author, and include a live link to the original work.
f you are interested in yachts, are allied with the yacht building industry, or operating a small business in another sector, you should consider joining my beBee Hive,
THE PORT ROYAL GROUP for Yacht Builders, Buyers and Owners,
where you will find experienced industry professionals discussing a wide range of topics. The ongoing conversation is always interesting, informative, and 100% industry insider.
About me, Phil Friedman: With 30 some years background in the marine industry, I've worn numerous hats — as a yacht designer, boat builder, marine operations and business manager, marine industry consultant, marine marketing and communications specialist, yachting magazine writer and editor, yacht surveyor, and marine industry educator. I am also trained and experienced in interest-based negotiation and mediation. In a previous life, I taught logic and philosophy at university.
Text Copyright © 2016 by Phil Friedman — All Rights Reserved
Images: Courtesy of Port Royal Group LLC and Phil Friedman
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