Currency Clause
Overview
Currency Clause
BIMCO Currency Clause
It is mutually agreed that the monthly hire due under Clause ....... is based upon the mean of the present Bank of England's selling and buying rate for the U.S. dollar, viz: $ ...... to the Pound Sterling. Should this mean rate fluctuate it is understood and agreed that the Sterling hire payments shall be adjusted upwards or downwards and the amount actually payable in Sterling shall be the hire calculated at the agreed rate in Sterling of ....... multiplied by $ ....... and divided by the new mean rate in force on the due date of payment.
Related Help & Advice
Create or edit a contract
The one-stop digital shop for all the standard maritime contracts and clauses you’ll ever need.
Related publication
Check Before Fixing
This publication builds upon decades of BIMCO’s experience as the world leader in developing standard shipping contracts and clauses and its daily practic...
Related training
Summer Shipping School
- Vaerloese, Denmark
- 19 June, 2023
The Summer Shipping School is designed to provide a thorough overview of skills used in chartering and operations through case studies and first-class teaching....
Latest Related News
-
BIMCO’s CII clause adopted
The BIMCO Documentary Committee has adopted a CII Operations Clause for Time Charter Parties which will help the industry commercially navigate the complexities of the new CII regulations from the International Maritime Organization (IMO).
-
Fumigation
BIMCO providing information and guidance relating to fumigation of cargoes that are shipped under the IMSBC Code, the Grain Code and the IMDG Code.
-
Bottom fouling
From time to time, BIMCO is approached by members enquiring about responsibility for the cleaning of a ship’s underwater parts when it has been idle at a port for a long time pursuant to the orders of the time charterers.
-
BIMCO publishes EEXI Transition Clause ahead of IMO efficiency regulation
New regulation from the International Maritime Organization (IMO), which will require existing ships to reduce carbon emissions, is due to enter into force in just under one year. As compliance will benefit to a large extent from co-operation between shipowners and charterers, BIMCO has developed a new clause to address the changes.
-
New BIMCO clause clarifies contractual position on AIS switch-off
BIMCO has published a new charter party clause to help tackle potential abuse by sanctions busters of the Automatic Identification System (AIS) which is mandatory for all ships to use under regulations for the Safety of Life at Sea (SOLAS).
ELSEWHERE ON BIMCO
Holiday calendar
BIMCO's Holiday Calendar covers general holidays in over 150 countries, plus local holidays and working hours in more than 680 ports around the world.
Learn about your cargo
For general guidance and information on cargo-related queries.
