BIMCO to seek industry consultation in January for new ship sale agreement
Overview
In January 2021, BIMCO will be inviting the industry to view and offer feedback on the new Ship Sale Agreement in the pipeline. The new form is on track for publication in 2021.
Over the last months, BIMCO has been working together with legal and commercial experts on how best to shape the new Ship Sale Agreement, taking into consideration that the COVID-19 pandemic has changed the world and the way the industry conducts business to adapt.
While it would be easy to mirror the structure and content of sale and purchase agreements that have been around for decades, BIMCO’s objective is to create a contract that clearly, fairly and comprehensively maps out the sequence of events in a ship sale and purchase process in a new and innovative way.
A sale and purchase agreement is necessarily legalistic, but it must also be a practical document that can be used without significant amendment for the widest possible range of ship sale scenarios around the world. Work on the agreement is progressing according to plan and the next step will be to involve the industry to get valuable feedback.
Recently, we have worked with some of the industry’s most prominent sale and purchase lawyers to “pressure test” the new form and thereby make sure that the new formulation is legally sound.
In January 2021, the industry consultation will begin, and we will welcome and value the feedback. We therefore invite you to keep an eye on the BIMCO website in January.
Feedback or a question about this information?
Posted:
23 November 2020
VPS Bunker Alerts
Veritas Petroleum Services (VPS) publish regular Bunker Alerts based entirely on fuel samples and have kindly permitted BIMCO’s Members to access this information.
The Bunker Alerts are not intended to be an evaluation of overall bunker quality in the port or area concerned, but usually highlight a specific parameter within the fuel which has raised a quality issue.
Latest ice reports for members
Latest piracy reports
Latest industry releasable threats
Related event
15+15 webinar: ETS clauses status - and looking ahead
- 01 May, 2024
Following on from our recent 15+15 webinar "Navigating EU ETS in contracts" which provide...
Related publication
eBook explanatory notes for NEWBUILDCON
This eBook includes a sample copy of the NEWBUILDCON contract and the related explanatory notes in the latest version.Related training
Decarbonisation Seminar
- Shanghai, China
- 13 May, 2024
The complexities of maritime decarbonisation are underscored by the industry's multifaceted challenges in reducing greenhouse gas emissions. The European Union ...
ELSEWHERE ON BIMCO
Contracts & Clauses
All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.
Learn about your cargo
For general guidance and information on cargo-related queries.
BIMCO Publications
Want to buy or download a BIMCO publication? Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications.
About a new business partner
We can help members check new business partners. We also help to recover millions of USD (undisputed) funds every year.
