BIMCO has published a new clause that can either replace or supplement existing redelivery clauses in time charter parties.
The clause encourages owners and charterers to collaborate to ensure that redelivery notices can be relied on. Redelivering a ship at the end of a time charter party has often been a source of disputes between owners and charterers. If the ship is redelivered early, the owners lose out on expected earnings. On the other hand, redelivering late can cause the loss of the next employment of the ship, or its drydocking slot.
What adds to the confusion is the number of judgments on redelivery issues that are either unclear or unreasonable when it comes to this type of risk allocation between the parties.
This clause provides a practical solution for both parties in establishing a reliable regime for redelivery notices and setting out the potential exposure to losses in the event of late redelivery.
The new Redelivery Clause for Time Charter Parties along with explanatory notes can be found here.
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