BIMCO’s Documentary Committee has agreed to carry out a major overhaul of the Dispute Resolution Clause with the aim to shorten and simplify what has become BIMCO’s longest standard clause.
BIMCO’s Documentary Committee (DC) will have a busy agenda when they meet on 5 December. The DC will consider for approval new sanctions clauses for time and voyage charter parties. They will also review progress on a new edition of GENCON and be asked to provide feedback on other projects ranging from a sale and leaseback term sheet to an accommodation support vessel charter party.
As a result of a rising number of shipments of industrial raw materials such as bauxite, coal and iron ore being transported under COAs, BIMCO is working on a new standard form of contract of affreightment (COA).
The standard gas tanker voyage charter party codenamed ASBAGASVOY is ready for a first industry consultation as well as review by the Documentary Committee of BIMCO and the Board of the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA).
BIMCO has added several features to its contract editor since it was launched in 2018, and more will be added by the end of the year and throughout 2020.
A first draft of a new time charter party for Accommodation Support Vessels (ASVs) will be presented to the Documentary Committee for review and feedback in December.
Long distance ocean towage presents numerous challenges to tugowners, not least of which is the impact of adverse weather on the performance of the tug and tow.
On 24 October, at a meeting in Shanghai, BIMCO started work to develop a new standard term sheet for ship sale and leaseback transactions.
BIMCO is merging its sanctions and designated entities charter party clauses, following revisions by a specialist subcommittee, to create a more robust contractual solution for sanctioning.
In October, an Asian-based subcommittee involving major players within the ship owning and ship leasing communities will begin work to develop a term sheet for sale and leaseback transactions to meet a rise in demand and to complete the suite of three term sheets available for financiers, shipowners and their advisors.