The expectations arising from relationships between designers, purchasers and builders within the modern yacht industry are significantly different from the comparable issues several decades ago. These differences often arise in (a) the owner's participation in continued detailed design development after the contract has been executed, (b) the expectations of the owners regarding comfort, amenities, interior finishing, vessel speed, and use of the latest technologies, and (c) the extent and value of owner-provided equipment and services that are incorporated into modern yachts. Such greater owner participation and expectations result in a greater array of risks that the contractor shipyard faces. In order to limit and contain those newer forms of risks, as well as to be more meaningful to the projects, a modernised form of contract may be appropriate. This paper identifies and addresses several emerging forms of risk and discusses how yacht construction contracts might address those risks.
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