Published on: 14 December 2022
At British Marine, we continue to review and update our contract templates available to all British Marine members. We always have our members at the forefront of our mind when looking to update any literature or support to ensure we provide clear and detailed documents.
At the request of the Inland Boatbuilders Association, we have created a new derivative of the BM6 fixed price construction contract with a variable price element. The contract price is split into a fixed price element and a variable price element in order to protect builders from inflationary increases in their variable costs.
The variable price element is pegged to the retail price index (or any other published index of the parties choosing) and contains a mechanism for this element of the price to be adjusted in line with movements in the chosen index. Adjustments are subject to an agreed buffer to ensure balance between the interests of the builder and the purchaser.
General improvements have been made to the drafting throughout to make the provisions simpler and more certain, for example in relation to acceptance trials.
We have also made some general legal and market recognised updates, for example the contract now includes a comprehensive force majeure clause with specific reference to epidemics or pandemics, Brexit related changes and a data protection / GDPR clause.
All contract updates are provided by HFW.
View the updated contact and notes here.
