Shipowners looking to place orders in China should think twice before being tempted by cheap offers. More than small print, companies need to consider cultural factors Business contracts mean different things to different people. They shouldn't, but they do. Shipowners and shipyards hammer out agreements that detail the terms for construction of a newbuilding. This will specify, inter alia, cost, delivery dates and specifications for equipment. When a shipyard wins an order by offering construction at a lower price than market levels, the buyer should beware or suffer the consequences.
展开▼
