WRECKSTAGE 2024 – new industry standard wreck removal agreement
Yesterday, BIMCO released a new version of WRECKSTAGE, which has long been the industry standard agreement for maritime wreck removal projects where the contractor is remunerated on a lump sum basis. Several changes have been made, the most important being a new optional risk allocation procedure, often referred to as QRA (quantitative risk assessment), which is intended to give greater certainty in the allocation of risks. The result is an improved form which will be warmly welcomed by the industry.
