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The QAFCOCHARTER is a fertiliser voyage charter party that was developed for the Qatar Fertiliser Company. The latest edition of this contract is MUNTAJATCHARTER, issued in 2014.
The sanctions landscape has grown increasingly complex. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in contracts of affreightment are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes.
The sanctions landscape has grown increasingly complex since BIMCO published its Sanctions Clause for Time Charter Parties in 2010 and the Designated Entities Clause for Charter Parties in 2013. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in charter parties and other contracts are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes. The absence of a standard BIMCO sanctions clause for voyage charter parties has resulted in owners and charterers amending the BIMCO Sanctions Clause for Time Charter Parties or drafting bespoke clauses. BIMCO has therefore developed this sanctions clause for use in voyage charter parties so that there is an industry standard clause. It is intended to provide a balanced allocation of the risks posed by sanctions as between owners and charterers. This clause is intended for use in all trades except for container trades. A separate sanctions clause for the container trades is under development. This clause was published on 19 December 2019. It is a sanctions clause that also covers issues related to designated entities previously found in BIMCO’s Designated Entities Clause for Charter Parties 2013. This new sanctions clause should be used instead of the old Designated Entities Clause.
The QAFCO bill of lading, edition 2001, was developed to be used for shipments under the Qatar Fertiliser Company Fertiliser Voyage Charter Party, codenamed QAFCOCHARTER. The latest edition of this bill of lading is the MUNTAJATBILL, issued in 2014.
The MUNTAJATCHARTER is a standard fertiliser voyage charter party that has been developed for the Qatar Chemical and Petrochemical Marketing and Distribution Company (Muntajat) Q.J.S.C. It replaces the QAFCOCHARTER. This charter party should be used together with the MUNTAJATBILL bill of lading. The latest edition of this contract is MUNTAJATCHARTER, issued in 2014.
