Topical contracts and clauses to be reviewed by Documentary Committee next week
Published: 11 April 2023
When BIMCO’s Documentary Committee (DC) chaired by Nick Fell, Executive Vice President, Corporate Services and General Counsel at BW Group, meets on 20 April at BIMCO House in Copenhagen, it will be considering two new freestanding clauses for adoption, one contract for approval and a number of ongoing projects for review.
One clause will address the recent Russian price cap scheme for oil and petroleum products which can be incorporated into charter parties and includes an attestation annex drafted in accordance with the accompanying guidelines of the Price Cap Coalition for the specific products in a tier system. Separately, a so-called “On-Trading Clause” will be presented giving sellers protection against the ship sold being sent for recycling within an agreed period of time. The On-Trading Clause has been drafted for use with SHIPSALE 22, BIMCO’s recently published Memorandum of Agreement (MoA) for ship sale and purchase as well as other MoAs.
Further to a request by the French Union for Grains and Seeds Trade and the French Shipowners’ Association, the DC will also be asked to consider the approval of a revised version of the much-used Continent Grain Charter Party SYNACOMEX. The charter party has been updated, amongst other, with topical BIMCO clauses on sanctions, anti-corruption and war risks, and BIMCO has approved earlier versions of the SYNACOMEX form.
Ongoing projects relating amongst others to the update of BIMCO’s popular ship management agreement SHIPMAN 2009 will also be considered, as well as a draft clause on Emission Trading Scheme Allowances for use with SHIPMAN and a new standard ship management agreement for autonomous vessels, AUTOSHIPMAN. AUTOSHIPMAN is based on SHIPMAN and has recently been released as a “BETA” version for operational testing by users of remotely controlled vessels in the offshore sector and inland waterways.
In order to ensure that the DC is in a position to continue to deliver the contractual solutions required by the industry swiftly and efficiently, part of next week’s meeting will be dedicated to a discussion on the committee’s strategy and main priorities, working methods, etc. BIMCO’s approval body relating to the development of contracts and clauses for the maritime industry counts more than 60 members with shipping, commercial, insurance, legal and shipbroking expertise.
Updates on the outcome of the meeting will be provided in the BIMCO newsletter and published here in the Contracts Section of the Insights & Info part of the BIMCO website.