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In its 2022 report, Audit Scotland said the Builder’s Refund Guarantee (BRG) is "an integral part of shipbuilding contract and is the main source of financial security for a ship buyer", giving the shipbuilder "a significant incentive to build a quality product as the buyer can cancel the contract and claim a full refund of all payments if ...
Shipbuilding contract, which is the contract for the complete construction of a ship, concerns the sales of future goods, so the property could not pass title at the time when the contract is concluded. The aim of shipbuilding contract is to regulate a substantial and complex project which the builders and buyers assume long-term obligations to ...
The buyer can claim against the seller for all consequences of claims made against the vessel which have been incurred before the time of delivery. If the ship cannot settle down all the mortgages and other claims attached to the ship before the delivery, the buyer can discharge the purchase price to cover this part of the claim.
In September 2016, the company announced that it was preparing to shut down its barge-building business permanently and discontinue use of its 33-acre (13 ha) South Waterfront property in 2017. [1] Zidell Marine launched its final barge on June 16, 2017. [2] [3] Subsequent removal of equipment from the site was expected to take several months ...
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Salvage crews work to free the cargo ship Dali after if collided with the Francis Scott Key Bridge in the Patapsco River on May 10, 2024 in Baltimore, Maryland. / Credit: / Getty Images
In 2015, the company was among the first of the major cruise lines to send a ship (the then new 4,180 passenger Quantum of the Seas) to the country to capitalize on the interest in the Chinese for ...
In March 2019 the shipyard delivered a container vessel for the Hawaii trade but had no new vessel orders. In July the yard had only a short-term contract for the refit of a Maritime Administration cargo ship. [8] In a report to their investors, they outlined an effort to pursue the repair and building of US government vessels. [9]