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Venue-based clause (for use when incorporating an agreed choice of law and arbitration into a charter party or other agreement).
Venue-based clause (for use when incorporating an agreed choice of law and arbitration into a charter party or other agreement).
The sanctions landscape has grown increasingly complex since BIMCO published its Sanctions Clause for Time Charter Parties in 2010. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in charter parties and other contracts are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes. This clause is intended for use in all trades except for container trades. A separate sanctions clause for the container trades is under development. This clause was published on 19 December 2019. It replaces the Sanctions Clause for Time Charter Parties 2010 and the Designated Entities Clause for Charter Parties 2013 (which have been combined to make a new single clause for ease of incorporation).
The NATO Shipping Centre maintains a 24/7/365 oversight of security developments in the Euro-Atlantic area, the Mediterranean Sea, and the Black Sea. Shipowners are reminded of the Voluntary Reporting Scheme for the Mediterranean Sea.
Venue-based clause (for use when incorporating an agreed choice of law and arbitration into a charter party or other agreement).
Venue-based clause (for use when incorporating an agreed choice of law and arbitration into a charter party or other agreement).
BIMCO recognises that there is a growing number of newer maritime arbitration venues offering their services to the industry. To assist users who wish to resolve their disputes using arbitration services outside the main London, New York and Singapore venues, BIMCO has prepared a list of links to alternative arbitration centres where users can find out more information about these venues.
