The revision of BIMCO’s top-selling contract, SUPPLYTIME 2005, has now reached a stage where it is appropriate to consult with the wider industry about the changes made to the contract so far. A consultation process has therefore started and a draft has been sent to targeted companies and individuals representing a cross section of the offshore support vessel sector. Once the consultation period is over, the subcommittee in charge of the revision will meet again to review the comments received.
Work on the revision of SUPPLYTIME 2005 has been going on for little over a year. The aim of the subcommittee has been to update and clarify the provisions of the contract, but at the same time retain its familiarity for its many users. Focus has also been on strengthening the knock-for-knock liability regime by removing most of the exceptions from it.
It is hoped that the revised SUPPLYTIME will be ready for adoption when the Documentary Committee meets in the Spring of 2017.
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