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In view of the significant time and costs associated with court and arbitration proceedings, BIMCO has developed a standard clause for inclusion in charter parties and other contracts which makes it possible for the parties to solve disputes via alternative dispute resolution (ADR) and in particular mediation, early neutral evaluation and early intervention.
Anna Wollin, Manager, Contracts and Clauses at BIMCO, says that many of the disputes that commonly occur when a ship is redelivered at the end of a time charter could be avoided by using clearer wording in contracts.
The Standard Escrow Agreement for Disputes is a contract for depositing security for a claim in a dispute. The latest edition of this contract is the Standard Escrow Agreement for Disputes, issued in 2017. Copyright in the Standard Deposit Escrow Agreement for Ship Sale and Purchase is held by BIMCO.
BIMCO has decided to start labelling all versions of its standard clauses with the year of publication, including the original edition, with the aim to reduce disputes over which version parties have agreed to.
BIMCO has published two new contracts to assist parties when depositing money in a sale and purchase transaction and as security for a claim in a dispute.
A new edition of BIMCO’s Dispute Resolution Clause has been published. New wording has been added to the US law, New York arbitration option to ensure that non-maritime contracts (such as shipbuilding contracts) are not inadvertently excluded from the scope of the clause.
The latest edition of this clause is the BIMCO Dispute Resolution Clause 2017
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.
