The International Marine Contractors Association (IMCA) is to publish a revised version of its industry-leading standard contract for transport and installation (T&I) works in offshore wind projects.
The updated version will be launched at a one-day event in London on Thursday 5 June – Contracts and Insurance – Building Resilience and Certainty in an Uncertain World, which will debate the current challenges to contracting in offshore wind, alongside other key contract and insurance issues facing the marine contracting sector.
IMCA published the industry’s first standard T&I contract for offshore wind projects in November 2023. It is designed to ensure a fairer allocation of risk across the supply chain, including for offshore contractors, and builds on the release of IMCA’s Contracting Principles in January 2023.
IMCA’s standard T&I contract follows the ‘FAIR’ contracting principles, developed by IMCA’s Legal, Contracts, Insurance & Compliance (LCIC) Committee, which encourage an equitable allocation of risk. These propose that contracts should be:
- Fair – with a realistic allocation of risk in proportion to relative rewards.
- Appropriate – with a distribution of risk to the best placed party.
- Insured – have sufficient scope of cover.
- Reasonable – avoid duplicate risk assumptions and minimise the potential for disputes.
Commenting on the contract’s release, Iain Grainger, IMCA CEO, said: “I know from my discussions with Members how concerned they are with current market conditions and frustrated with having to deal with contracts that do not apportion risk fairly. Our updated standardised T&I contract – written following extensive industry engagement – can become the foundation for a fairer and more sustainable approach in offshore wind.”
Contracts and Insurance – Building Resilience and Certainty in an Uncertain World takes place on 5 June in Central London. Book now to attend this free one-day event here: Contracts and Insurance – Building Resilience and Certainty in an Uncertain World.