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BIMCO is developing its own standard Memorandum of Agreement (MOA) for ship sale and purchase (S&P). The new BIMCO MOA is rapidly taking shape after just three meetings of the expert group, the most recent at the offices of Louis Dreyfus in Paris on 27 January.
BIMCO will be attending the IMO in London for the 4th session of the Sub-Committee on Carriage of Cargoes and Containers (CCC), which will be held from 11 to 15 September 2017.
BIMCO's Documentary Committee met on 10 May in Copenhagen and approved for publication three standard novation agreements for time charter parties and shipbuilding contracts.
Even before the effects of the coronavirus, the ‘Phase One’ agreement between China and the US failed to boost volumes of the implicated goods in January.
The Novation Agreement for the Transfer of Ownership is an agreement between the parties to novate the time charter party from the original owners to the new owners on terms set out in the agreement. The latest edition of this contract is the Novation Agreement for the Transfer of Ownership, issued in 2016. Copyright in the Novation Agreement for the Transfer of Ownership is held by BIMCO.
After a period of uncertainty about the fate of the Sea carrier initiative Agreement (SCIA), United States Customs & Border Protection has now confirmed, that SCIA is no longer operational.
Latest news about BIMCO's contracts and clauses: New novation agreements; update on revision of SUPPLYTIME, BARECON and WORLDFOOD charter parties; update on Standard Term Sheet.
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