Venue-based clause (for use when incorporating an agreed choice of law and arbitration into a charter party or other agreement).
This Contract shall be governed by US maritime law or, if this Contract is not a maritime contract under US law, by the laws of the State of New York. Any dispute arising out of or in connection with this Contract shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen. The decision of the arbitrators or any two of them shall be final, and for the purposes of enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the SMA Rules current as of the date of this Contract.
In cases where neither the claim nor any counterclaim exceeds the sum of USD 100,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the SMA Rules for Shortened Arbitration Procedure current as of the date of this Contract.
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BIMCO recognises that there is a growing number of newer maritime arbitration venues offering their services to the industry. To assist users who wish to resolve their disputes using arbitration services outside the main London, New York and Singapore venues, BIMCO has prepared a list of links to alternative arbitration centres where users can find out more information about these venues.
ASVTIME, the new time charter party for accommodation support vessels, was recently adopted by BIMCO’s Documentary Committee and is now available for use in SmartCon.
This year, BIMCO has expanded its ice reporting to cover the Northern Chinese, Japanese and Greenland sea areas, and can advise on contractual issues related to ice clauses.
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Much of the shipping industry relies on BIMCO standard contracts. The contracts provide a familiar and secure contractual base on which parties can freely negotiate. However, the trust in the standard forms is undermined by fake copies that contain errors or even deliberately hidden changes to the wording. BIMCO wants your help to combat the industry’s often unknowing use of counterfeit copies of BIMCO forms.
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