A greater focus in the bunker industry on contract wording, risk assessment and “knowing your counterpart” has been a motivator for updating the BIMCO Terms bunker contract, due for release in November 2017.
As the shipping industry evolves by shifting towards the use of alternative fuels that will be more sustainable in the future, BIMCO publishes the first of many more supply terms addressing this issue. The LNG Bunker Terms are now available for use as a simple Annex B to the existing BIMCO Bunker Terms 2018.
The BIMCO Bunker Terms 2018 is a standard contract for the purchase and supply of marine fuels to ships. The latest edition of this contract is BIMCO Bunkers Terms 2018. Copyright in the BIMCO Bunker Terms 2018 is held by BIMCO.
SmartCon will be the long-term successor for IDEA. Based on the latest Microsoft technology, it will ensure that we can continue to offer our industry-known contracts for years to come.
The new BIMCO Bunker Terms 2018 that were approved by the Documentary Committee last week in New York have now been published. Sample copies of the BIMCO Bunker Terms 2018 together with comprehensive explanatory notes are available from BIMCO’s website. Secure and authenticated Word copies are available from BIMCO’s contract editing systems IDEA and SmartCon.
With an increasing focus on force majeure due to the COVID-19 outbreak, BIMCO has gathered a drafting team to develop a free-standing force majeure clause for use in a variety of contracts.
BIMCO’s Documentary Committee is expected to adopt a new version of the standard contract Bunker Terms in New York on May 2. The Bunker Terms 2018 have been drafted by representatives from across the bunker industry. It is a balanced set of terms and conditions designed to be fair for both buyers and sellers.
BIMCO is developing a term sheet for ship sale and leaseback transactions, SHIPLEASE, and is seeking input from industry experts on the new standard.
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