Dispute Resolution Clause 2016 - US Law, New York Arbitration
Posted:
17 October 2016
Overview
Venue-based clause (for use when incorporating an agreed choice of law and arbitration into a charter party or other agreement).
BIMCO Standard Dispute Resolution Clause 2016 - US Law, New York Arbitration
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.
Related clauses
-
- BIMCO Standard Dispute Resolution Clause 2016
- BIMCO Standard Dispute Resolution Clause 2017 (Developed to re-introduce of the LMAA Intermediate Claims Procedure)
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.
Alternative arbitration centres
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.
Related publication
Check Before Fixing
This guide has been a useful tool on the basic principles in daily chartering and other shipping transactions for over 30 years and serves as an indispensable c...
Related training
Summer Shipping School
- Vaerloese, Denmark
- 14 June, 2021
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
-
Make sure your contract is genuine with new Authenticity Clause
BIMCO has published a Contract Authenticity Clause to encourage parties issuing contracts based on a BIMCO form to agree to use one obtained from an authorised source such as SmartCon.
-
Optimisation and GHG reduction are key in new BIMCO Just in Time Arrival Clause
Successfully implementing a Just In Time (JIT) arrival scheme is dependent not only on an efficient operational framework but also on important contractual considerations. Therefore, BIMCO has formed a small group of experts to help draft a new Just In Time Clause which will focus on these contractual issues.
-
BIMCO points to Nick Fell as next Documentary Committee chair
BIMCO’s Board of Directors has pointed to Nick Fell, Executive Vice President Corporate Services & General Counsel at BW Group in Singapore, to take up the role as chairperson of BIMCO’s Documentary Committee in summer 2021.
-
BIMCO adds Hong Kong to new shortened arbitration clause
The addition of Hong Kong as the fourth named arbitration option has prompted BIMCO to overhaul its law and arbitration clause. The new edition was approved for publication at the recent meeting of BIMCO’s Documentary Committee and is available to download from our website.
-
New GENCON charter party expected in 2021
The revision of BIMCO’s most widely used voyage charter party – GENCON – is entering its completion phase, as the drafting team will meet during the autumn to process invaluable feedback received by the industry over the summer.
Stay up to date
Receive news on the latest developments related to shipping contracts and clauses. Get advice on choosing the right contract for your business and which clauses to add and why.
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.
