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As adopted at the General Meeting in Athens, May 2019
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Should the vessel not be ready to load (whether in berth or not) latest at 12 midnight on the …………… Charterers have the option of cancelling this contract.
If it appears that the vessel will be delayed beyond such cancelling date, the Owners may as soon as they are in a position to state with reasonable certainty the day within which the vessel will be ready as above, give notice thereof to the Charterers asking whether they will exercise their option of cancelling. Such option must be declared within 36 running hours (Sundays and holidays excepted) after receipt of the Owners’ notice. If the Charterers do not then exercise their option of cancelling, unless otherwise agreed the third day after the date stated in the Owners’ notice shall be regarded as a new cancelling date under this clause.
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If a contractual dispute escalates and one of the parties want to involve arbitrators, it is essential that notices of commencement of proceedings and the appointment of arbitrators are properly served to the right people. BIMCO’s new Law & Arbitration Clause will address these issues with a provision requiring parties to a contract to clearly identify who are authorised to receive arbitration notices and communication.
BIMCO has produced a COVID-19 Crew Change Clause for Time Charter Parties in response to the extraordinary circumstances faced by many owners whose crew have had to remain on board during the COVID-19 “lockdown” for periods often extending beyond their contracts of employment.
The subcommittee set up by BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) to develop a new gas tanker voyage charter party (ASBAGASVOY) has agreed on a final draft which will be presented for adoption by the BIMCO Documentary Committee at its next meeting on 22 September.
BIMCO, Institute of Chartered Shipbrokers and Ocean Technologies Group subsidiary Videotel have partnered to create a high-quality, accessible educational resource to help maritime students across the globe to continue their studies remotely during the coronavirus pandemic.
BIMCO has started work to develop a new Law & Arbitration Clause. The new clause will provide a short and “one size fits all” approach to dispute resolution, while adding Hong Kong as the fourth named arbitration venue. The addition of Hong Kong reflects its increased popularity as a centre for dispute resolution and that it is currently ranked among the top maritime arbitration centres in the world.
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