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The spring meeting of the Documentary Committee, chaired by Francis Sarre, was held in Rome on 6 June. The sixty-strong committee discussed an extensive and diverse range of documentary projects and approved for publication three new contracts and one clause.
BIMCO’s standard term sheet for use in ship sale and leaseback transactions, SHIPLEASE, has been updated to refer to the new Memorandum of Agreement (MOA) for ship sale and purchase, SHIPSALE 22.
The Standard Agreement for the Supervision of Vessel Construction, codenamed SUPERMAN, clearly sets out a ship managers’ duties and obligations when providing supervision services to a newbuilding project. It is an agency based agreement whereby the supervisors act for and on behalf of the owners. SUPERMAN is modelled on SHIPMAN 2009 and includes the same structure of liability provisions. Payment is on a “cost plus fee” basis. The latest edition of this contract is SUPERMAN, issued in 2016. Copyright in SUPERMAN is held by BIMCO.
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