BIMCO adds new features to SmartCon - with more coming
04 November 2019BIMCO has added several features to its contract editor since it was launched in 2018, and more will be added by the end of the year and throughout 2020.
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BIMCO has added several features to its contract editor since it was launched in 2018, and more will be added by the end of the year and throughout 2020.
The recently imposed new restrictions in several ports will have an impact on the operations of ships. Performing crew changes will very likely become more difficult and result in floating quarantines, meaning that more delays and disruptions in supply chains can be expected. With the new variant creating uncertainty for shipowners, even more complex planning will be needed to avoid financial losses.
This clause addresses force majeure events occurring under contracts used by the shipping industry that affects the performance of the parties. It is a model clause that should be carefully reviewed by the parties and adapted as required to fit the context of the type of contract it is used in.
Greek shipowners are not only the most active nation when it comes to sales and purchases, they are also investing the most in newbuilding contracts. Since 2010, contracts made by owners in Greece total USD 51 billion, consistently dwarfing the likes of Norway and China as buyers.
When BIMCO’s Documentary Committee (DC) met on 11 October in Copenhagen, it approved two new clauses and two revised versions of existing contracts. The new standards are being finalised for publication and will soon be made available for use on SmartCon and on the BIMCO website accompanied by explanatory notes.
BIMCO has terminated its agreement with ShipNEXT that allowed the use of BIMCO contracts on its trading platform and expelled the company from its membership after it repeatedly and falsely claimed that BIMCO supported its trading platform.
When BIMCO’s Documentary Committee (DC) chaired by Nick Fell, Executive Vice President, Corporate Services and General Counsel at BW Group, meets on 20 April at BIMCO House in Copenhagen, it will be considering two new freestanding clauses for adoption, one contract for approval and a number of ongoing projects for review.
You wouldn't navigate a ship without a chart, so why sign a contract without advice? Avoid unnecessary costs you couldn’t have foreseen.
This eBook includes a sample copy of the NEWBUILDCON contract and the related explanatory notes in the latest version.