Upcoming Contracts and Clauses
Overview
Using feedback and experience from members and the industry, BIMCO keeps all its clauses and contracts under review. Currently, we are working on the following updates or new projects.
Upcoming Contracts and Clauses
| CLAUSE OR CONTRACT | DETAILS | EXPECTED PUBLICATION DATE |
| GENCON 2022 | GENCON 94 is the industry’s most used voyage charter party for bulk trade. It is currently being updated to reflect changes in industry practice and legal developments. Among the key changes is the introduction of a new Clause 2 – the Owners’ Responsibility Clause. Overall, the new GENCON will be more comprehensive and detailed than the current edition and require fewer amendments and rider clauses | Sept/Oct 2022 |
| Charter Party Guarantee | BIMCO’s Charter Party Guarantee caters for situations where the owners wish to have a second guarantor in addition to the charterers. The wording of the revised guarantee currently under development has been clarified considering recent case law. It places the nature of the guarantee as a “see to it” guarantee beyond any doubt. | October 2022 |
| CII Clause | BIMCO’s top priority is to develop contractual solutions to enable parties to comply with MARPOL’s EEXI and CII regulations which come into force on 1 January 2023. One clause will deal with the transition towards EEXI compliance and how modifications to ships are managed. Other clauses for time charter parties will focus on the more challenging aspect of complying with Carbon Intensity regulations and the ongoing obligation to improve a ship’s efficiency and reduce emissions on an annual basis. Work on the EEXI clause was completed in December 2021, the CII clause work is continuing | Oct/Nov 2022 |
| LNG Bunker Terms | To reflect the increasing use of and interest in alternative fuels by the industry, BIMCO is developing an LNG bunker purchase annex for the BIMCO Bunker Terms 2018. | November 2022 |
| Wreck Removal Agreements | Revision of the suite of BIMCO’s wreck removal agreements, WRECKSTAGE 2010, WRECKHIRE 2010 and WRECKFIXED 2010 is well underway. The main objective is to introduce an optional clause applying quantitative risk assessment (QRA) methods. | November 2022 |
| ASBATANKVOY | The ASBATANKVOY charter party is widely used in the tanker trade but has not been updated since 1977. BIMCO is working together with the Association of Shipbrokers and Agents (ASBA) in New York to refresh and modernise this popular form. | mid-2023 |
| AUTOSHIPMAN | AUTOSHIPMAN will be the first ship management contract for autonomous ships. It is modelled on BIMCO’s SHIPMAN agreement. It is being developed in parallel with the revision of BIMCO’s suite of ship management agreements (SHIPMAN, CREWMAN A and CREWMAN B, SUPERMAN and LAYUPMAN). | 2023 |
| Non-recycling clause for MOAs | A freestanding clause is being developed for SHIPSALE 22 and other Memoranda of Agreement (MOAs) to oblige the buyer to continue trading and not recycle the ship. | April/May 2023 |
| SYNACOMEX | A revision is well underway for the SYNACOMEX 2000 grain voyage charter party of which SYNACOMEX and Armateurs de France (ADF) are the joint copyright holders. BIMCO has established a review committee to renew this widely used charter party. SYNACOMEX 2000, which is currently the latest edition of this charter party, has been approved by BIMCO. | May 2023 |
| Quiet Enjoyment Letter | Complementing the suite of term sheets for ship financing and ship sale and leaseback transactions, BIMCO is developing a standard letter of quiet enjoyment (QEL). When entering into long term charters, owners will often be requested to provide such QELs from lenders addressing the charterers’ or lessees’ undisturbed use of the chartered or leased ship. | H1 2023 |
| BIMCO War Clauses |
BIMCO War Cancellation Clause 2004 BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013) The BIMCO CONWARTIME and VOYWAR War Risks Clauses, respectively for time and voyage charter parties, were last revised in 2013 and the BIMCO War Cancellation Clause was revised in 2004. Considering the recent developments in the world, it is seen that a revision is required to determine the basis and extent of changes needed to ensure that the provisions remain in line with commercial needs. As a result, a subcommittee has been set-up to revise those three clauses. |
November 2023 |
| AUTOSHIPMAN | AUTOSHIPMAN will be the first ship management contract for autonomous ships. It is modelled on BIMCO’s SHIPMAN agreement. It is being developed in parallel with the revision of BIMCO’s suite of ship management agreements (SHIPMAN, CREWMAN A and CREWMAN B, SUPERMAN and LAYUPMAN). | 2023 |
| SHIPMAN | CREWMAN | LAYUPMAN | SUPERMAN | Revision of this suite of third-party management agreements | 2023 |
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