Chinese arbitration body signs agreement with BIMCO on NEWBUILDCON translation

摘要

On 27 October 2011, BIMCO and the China Maritime Arbitration Commission (CMAC) signed an agreement giving CMAC exclusive authority in China to translate BIMCO's Standard New Building Contract (NEWBUILDCON) into Chinese. The signing of the agreement coincided with the third Luijia-zui Law Forum in Shanghai and is the culmination of year-long discussions between the two organisations on the promotion of standard shipbuilding terms and conditions in the Chinese domestic market. Over the past 12 months, BIMCO and CMAC have explored the possibility of jointly developing terms and conditions acceptable to the Chinese market, based on the framework of NEWBUILDCON and a proposed CMAC Standard New Building Contract. After detailed discussions, the respective organisations concluded that the two contracts were unfortunately too far apart in terms of structure and content to form the basis of a single shipbuilding contract.