BIMCO force majeure clause under way
04 September 2020With 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.
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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.
A review of the increasingly widely used BIMCO Terms 2015 standard bunker contract began at a recent meeting held at BIMCO House.
The BIMCO Bunker Terms 2018 is a standard contract for the purchase and supply of marine fuels to ships. This edition also includes the LNG Bunker Annex published in May 2023. Copyright in the BIMCO Bunker Terms 2018 and the Annex is held by BIMCO.
Over a series of meetings, the drafting committee developing the new BIMCO term sheet for ship sale and leaseback transactions has considered input received from industry experts. The term sheet is now ready to be presented to the Documentary Committee for adoption.
BIMCO's ship financing term sheet is now ready for a second round of consultations following a two-day meeting in Copenhagen.
The Documentary Committee, under the chairmanship of Mr Francis Sarre, met in Copenhagen on 17 November in Copenhagen for its regular autumn meeting. Following two years’ intensive work involving owners, lawyers and financial institutions, a new Standard Term Sheet for Bilateral Financing was adopted.