The International Marine Contractors Association (IMCA) has published a standard contract for transport and installation (T&I) works in offshore wind projects. The contract has been written to ensure a fairer allocation of risk.
Building on the release of IMCA’s Contracting Principles in January 2023, its publication comes on the heels of an IMCA-led campaign for an industry-wide discussion on sustainable contracting in offshore wind. 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.
