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ISM Clause 1998

18 October 2023

BIMCO listened carefully to the concerns expressed by many sectors of the industry regarding the likely effect on commerce of the coming into force of the ISM Code. The ISM Code represents only one part of the substantial volume of regulations to which shipowners are bound under the law of the Flag State. As part of the SOLAS Convention 1974, as amended, implementation of the ISM Code is mandatory for all Contracting States under international law. Most standard charterparties contain fairly all-embracing provisions requiring the owner to ensure that the vessel is in full compliance with all relevant international rules and regulations, and possesses the necessary certificates, to permit the vessel to trade within the agreed trading limits. Therefore, from a strictly legal point of view, BIMCO considers that there is no readily identifiable contractual need to make a specific reference to the ISM Code in a voyage or time charter. Nevertheless, in response to the demand of Members and for those who may feel more comfortable incorporating a specific reference to the ISM Code in their charterparties, BIMCO has devised a broad and neutrally worded ISM Clause.

Bulk Shipping Quality Clause for Voyage Charter Parties 2000

18 October 2023

In November 1998, BIMCO was approached by the European Community Shipowners’ Association (ECSA) to discuss the possibility of developing a Recommended Quality Clause that would encourage the practical implementation of the European Shippers Council (ESC) “Voluntary Code of Best Practice”. The ESC’s Code was published as a self-regulatory measure in support of the European Community’s Quality Shipping Campaign. In recognition of BIMCO’s role as the shipping industry’s lead organisation in the development of standard clauses, ECSA and ESC felt that BIMCO was the most appropriate body to produce such a clause. As a signatory of the Maritime Industry Charter on Quality, BIMCO was keen to demonstrate its support for the initiative to promote a quality culture throughout the industry by all participants. Of paramount importance to BIMCO was to ensure that by developing a Standard Quality Clause for the industry, the risk of a proliferation of charterer-inspired quality-related clauses was kept to a minimum.

Types and Quantities of Bunkers on Redelivery Clause 2011

18 October 2023

In October 2009 BIMCO initiated a project to develop a suite of standard bunker clauses for use in time charter parties. The rationale behind developing the suite is simply to address the ever increasing importance of bunker issues in time charter parties and the need to ensure that the risk of bunker disputes is minimised by clearly worded clauses that reflect legislative developments. The Suite of Clauses was adopted by BIMCO’s Documentary Committee at its meeting in Vancouver in June 2011. The Suite provides clauses covering matters relating to delivery/redelivery bunkers; bunkering operations; sampling; fuel testing programmes; and ECA trading, all of which are matters that are frequently absent from or insufficient in many standard time charter parties. Many older time charter forms contain bunker clauses covering the fundamental principles under the charter, but simply do not contemplate today’s situation where vessels are required to carry and use several grades of fuel and where sampling and testing regimes are an integral part of the process.

BIMCO publishes the Russian Oil Price Cap Scheme Clause 2023

02 June 2023

The clause provides a standardised framework for charterers and owners to agree on and include in their charter parties. It addresses compliance with the regulation of Russian oil and petroleum products following the EU/G7 measures, which implemented an oil price cap on specific oil products originating from or exported by Russia. BIMCO has developed a comprehensive and adaptable clause that caters to the needs of various industry stakeholders, promoting responsible shipping practices and ensuring compliance with the evolving regulatory landscape.

Russian Oil Price Cap Scheme Clause 2023

18 October 2023

International sanctions regimes are constantly changing with new restrictions being added and new requirements coming into force. As a result of the implementation by the EU/G7 of a price cap on certain oil products originating in or exported from Russia, BIMCO has developed a clause in order to enable the parties to a charter party or similar contract to manage the legal and practical risks arising in connection with the Price Cap Scheme. The clause aims to establish a set of rights and obligations applicable to those parties, covering compliance with the attestation and price information requirements under the Price Cap Scheme, and create a mechanism for dealing with situations where there is non-compliance with those requirements while keeping in mind the commercial aspects of oil trades. *The scope of the clause is specifically limited to the oil products as "cargo" carried onboard and does not include bunkers.