BIMCO is merging its sanctions and designated entities charter party clauses, following revisions by a specialist subcommittee, to create a more robust contractual solution for sanctioning.
When BIMCO’s Documentary Committee (DC) met on 11 October in Copenhagen, it approved two new clauses and two revised versions of existing contracts. The new standards are being finalised for publication and will soon be made available for use on SmartCon and on the BIMCO website accompanied by explanatory notes.
BIMCO has started work to develop a new Law & Arbitration Clause. The new clause will provide a short and “one size fits all” approach to dispute resolution, while adding Hong Kong as the fourth named arbitration venue. The addition of Hong Kong reflects its increased popularity as a centre for dispute resolution and that it is currently ranked among the top maritime arbitration centres in the world.
BIMCO’s Documentary Committee has agreed to carry out a major overhaul of the Dispute Resolution Clause with the aim to shorten and simplify what has become BIMCO’s longest standard clause.
BIMCO, the world’s largest international shipping organisation, has now launched an anti-corruption clause for charter parties. The new clause will give owners and charterers a contractual platform for cooperative action to resist demands for illegal payments from port officials and others.
The CII regulation which came into force on 1 January 2023 is complex. In November, BIMCO published a clause to help the industry navigate it. Below, we have gathered some questions and answers to help understand the fundamentals of the clause.
The BIMCO Standard General Average Absorption Clause, for use in marine insurance policies, was updated in 2017 to give effect to the revised York-Antwerp Rules 2016. Further modifications have now been made to streamline the basis for determining insurers’ payments. Details are set out below together with advice on adapting the clause where the underlying marine insurance policy covers more than one vessel. The 2018 clause should be used in place of the 2017 provision. The original 2002 version of the Clause, based on the York-Antwerp Rules 1994, should no longer be used.
BIMCO has published a charter party clause promoting the use of the IMO’s data model framework. The publication is an extension of BIMCO’s strategic objective to encourage greater efficiency and harmonisation in the ship-shore interface.
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