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Although the container ship “Ever Given” was fortunately freed after less than a week blocking the Suez Canal, the consequences for owners and operators due to the delays caused may last for several weeks or even months.
The BIMCO Average Bond Clause 2017 has been updated. The main change is in the final paragraph where the shorter limitation period previously applicable to adjustments arising under the York Antwerp Rules 2004 no longer applies. As a result, in all cases rights to claim under the clause have been brought into line with the six-year limitation period under English law. A number of minor editorial improvements have also been made. The clause is for use only in contracts of carriage where General Average is to be adjusted, stated and settled according to the York-Antwerp Rules 2016. If the York-Antwerp Rules 1994 apply to the underlying contract, the BIMCO Average Bond Clause 2007 must be used. This clause was originally published in June 2005, amended in October 2007, 2017 and 2018.
Nick Fell of BW Group was officially elected Chairman of the Documentary Committee at BIMCO’s General Meeting on 20 May last year. When Fell took over, the industry was in many ways still confronted with the effects of the COVID-19 pandemic while, at the same time, the need for contractual solutions in key areas such as environmental compliance was growing. Below, Fell answers seven questions about his and the Committees work.
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