Time Charters Masterclass

The BIMCO Masterclass is designed to provide you with a comprehensive understanding of the principles of time chartering. The course will use case studies as the primary learning tool to allow you to develop a knowledge of the practical aspects of time chartering and its application in the daily operation of vessels. On the first day, we will begin with a general introduction to the practical aspects of time chartering seen from both the perspective of the owners and charterers. We will discuss how to identify and negotiate the best terms for a particular charter, and how to create and manage the charter party before and during the fixture. This part of the course will also cover disputes related to various daily issues, including seaworthiness and the obligation to issue and comply with voyage and employment orders. One of the key areas of dispute is the description of the vessel. The charter party will include a description of the vessel, and if the vessel does not meet these specifications, the charterer may claim damages from the owner. Another area of dispute is performance claims. The charter party will typically include provisions relating to the vessel's performance, such as speed and fuel consumption. If the vessel fails to meet these performance targets, the charterer may claim damages from the owner. Finally, we will discuss the disputes concerning the duration of the charter, especially in relation to redelivery, where disputes and discussions often occur concerning the vessel's last voyage. On the second day, we will look at common disputes related to the payment of hire. These include failure to meet the pre-agreed terms and conditions, unexpected delays or cancellations, failure to pay hire on time, disagreements over the amount of hire due, and failure to comply with any of the charter party terms and conditions on payments. All time charter parties contain an off-hire clause providing exceptions from the strict obligation for charterers to pay hire from delivery until redelivery. The specific terms of the off-hire clause will determine whether any particular event entitles the charterers to place the ship off-hire, and for how long. The course will conclude with a review of all the topics covered as a case study, enabling you to consolidate your understanding of the principles, practical aspects, and legal framework of a time chartering agreement.

Reversible laytime

Weather Routeing Clause for Time Charter Parties 2006

Radioactivity Risk Clause for Time Charter Parties 2012

Red Sea & Gulf of Aden: using BIMCO’s VOYWAR and CONWARTIME clauses

In light of the recent development, BIMCO recommends using the latest editions of its War Risks clauses: BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013) and BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013). These clauses contain a broad definition of “War Risks” that include warlike operations and hostilities that do not require a declaration of war by states. However, it is of utmost importance that all parties involved have a comprehensive understanding of these clauses, ensuring they are well-informed and prepared for any potential outcomes.

Define your terms!

ASV specific features tackled in new charter party

The subcommittee developing a standard time charter party for accommodation support vessels (ASVs), at an online meeting on 23 April, continued discussions on key areas of the new contract, including offshore bunkering and how to address the concept of immediate tasks in an ASV specific context.

Ship-to-Ship Transfer Clause for Dry Bulk Voyage Charter Parties 2015

Explanatory notes to Infectious or Contagious Diseases Clause for Voyage and Time Charter Parties

International Group promotes 2011 Inter-Club Agreement with charter party clause

The International Group of P&I Clubs is encouraging the industry to incorporate and apply the 2011 Inter-Club Agreement (ICA) into all NYPE and ASBATIME time charter parties. The newly published NYPE 2015 already contains a clause expressly providing for the 2011 edition of the ICA. BIMCO recommends that members apply the 2011 ICA to help apportion liability for cargo claims under the NYPE charters.