A review of the increasingly widely used BIMCO Terms 2015 standard bunker contract began at a recent meeting held at BIMCO House.
The review process will continue at a second meeting to be held in January 2017.Chaired by Claus Kesting of J Lauritzen, the review team comprising of traders, suppliers, buyers, insurance and legal representatives examined possible contractual safeguards against the consequences of one of the parties in the bunker purchase chain going bankrupt. Various jurisdictional issues were discussed – particularly in relation to the choice of law applying to the contract most frequently being that of the bunker supplier’s place of residence. BIMCO feels that the industry would benefit from specific guidance on how to address OW Bunker-type scenarios – and that will form a key part of the review team’s work in the future. It will also examine possible improvements to the BIMCO Terms to make them more broadly acceptable to all key stakeholders in the industry.
The review process will continue at a second meeting to be held in January 2017.