BIMCO’s Documentary Committee has positively received a new standard Memorandum of Agreement (MOA) for the sale and purchase of ships, thereby opening the doors to wide industry consultation before finalising and publishing the new standard next year.
At the Documentary Committee meeting that took place on 21-22 September, the new BIMCO MOA was presented for review, in line with BIMCO’s strategy to provide contracts for all sectors of the shipping industry. BIMCO has been working on the development of a clearly worded and comprehensive alternative contract for the sale and purchase market that reflects modern practice, and the standard is expected to be published in early 2021.
The new MOA takes an innovative approach with captive clauses that spell out in plain English what is being agreed between the parties. It comes in BIMCO’s well-known box layout style with the main terms set out in the boxes of Part I, and the standard terms and conditions in Part II.
The clauses follow the sequence of events as they play out in practice. Three annexes accompany the new contract providing for lists of items that are included or excluded from the sale, and documents to be handed over at delivery by the sellers and buyers. The structure of the new form makes it easy to navigate and simplicity has been key for the drafting team.
Some key features of the new form are:
All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.
For general guidance and information on cargo-related queries.
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