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Average Bond Clause 2007

04 July 2017

The BIMCO Average Bond Clause 2007 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 1994. If the York-Antwerp Rules 2016 apply to the underlying contract, the BIMCO Average Bond Clause 2018 must be used. This clause was originally published in June 2005, amended in October 2007, 2017 and 2018.

Average Bond Clause 2018

04 July 2017

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.

Novation Agreement for the Substitution of Time Charterers

17 October 2016

The Novation Agreement for the Substitution of Time Charterers is an agreement between the parties to novate the time charter party from the original charterers to the new charterers on terms set out in the agreement. The latest edition of this contract is the Novation Agreement for the Substitution of Time Charterers, issued in 2016. Copyright in the Novation Agreement for the Substitution of Time Charterers is held by BIMCO.

Novation Agreement for the Transfer of Ownership

17 October 2016

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.

Novation Agreement for Shipbuilding Contracts

17 October 2016

The Novation Agreement for Shipbuilding Contracts is an agreement between the parties to novate the shipbuilding contract from the original buyers to the new buyers on terms set out in the agreement. The latest edition of this contract is the Novation Agreement for Shipbuilding Contracts, issued in 2016. Copyright in the Novation Agreement for Shipbuilding Contracts is held by BIMCO.

SUPERMAN

17 October 2016

The Standard Agreement for the Supervision of Vessel Construction, codenamed SUPERMAN, clearly sets out a ship managers’ duties and obligations when providing supervision services to a newbuilding project. It is an agency based agreement whereby the supervisors act for and on behalf of the owners. SUPERMAN is modelled on SHIPMAN 2009 and includes the same structure of liability provisions. Payment is on a “cost plus fee” basis. The latest edition of this contract is SUPERMAN, issued in 2016. Copyright in SUPERMAN is held by BIMCO.

LINERTIME 2015

17 October 2016

The LINERTIME is a deep sea time charter party. Originally published in 1968 and revised in 1974 and 2015. The 2015 revision was a technical update where the latest editions of BIMCO’s core clauses replaced the earlier versions of the same. The latest edition of this contract is LINERTIME 2015. Copyright in LINERTIME 2015 is held by BIMCO.