BIMCO has published a new charter party clause to help tackle potential abuse by sanctions busters of the Automatic Identification System (AIS) which is mandatory for all ships to use under regulations for the Safety of Life at Sea (SOLAS).
You wouldn't navigate a ship without a chart, so why sign a contract without advice? Avoid unnecessary costs you couldn’t have foreseen.
The experiences of operating during the Covid-19 pandemic and the challenges this has created have prompted a review of the BIMCO Infectious or Contagious Diseases Clauses (the "IOCD Clauses”).
BIMCO updating Infectious or Contagious Diseases Clauses to address pandemics
The drafting committee that will carry out the first revision of the ASBATANKVOY form in 44 years has kicked off the major task to improve and update the widely used tanker charter party form.
A buyer’s payment instalments are at risk under a shipbuilding contract until the shipyard delivers the ship. To safeguard against the risk of the shipyard defaulting or becoming insolvent it is common practice to cover this risk with a refund guarantee issued by a bank. BIMCO’s Documentary Committee has adopted a clearly worded standalone refund guarantee that will assist parties in their shipbuilding projects.
BIMCO’s Documentary Committee has adopted a standard electronic signature clause that allows parties to safely use electronic signatures in their contractual arrangements.
BIMCO is to develop an electronic bill of lading standard for the dry and liquid bulk sectors as a key component of a global initiative to accelerate trade digitalisation.
Documentary Committee Chairman Francis Sarre of CMB has, after six years in the driver’s seat, passed over the reins of BIMCO’s contracts and clauses approval body to Nick Fell of BW Group. Fell takes over as Chairman at a time when the industry needs strong contractual solutions, not least due to the COVID-19 pandemic.
BIMCO’s documentary experts have begun preparing charter party clauses to assist owners and charterers comply with complex new carbon regulations due to come into force in 2023.