Novation trio approved by Documentary Committee
11 May 2016BIMCO's Documentary Committee met on 10 May in Copenhagen and approved for publication three standard novation agreements for time charter parties and shipbuilding contracts.
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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.
BIMCO has today published three standard novation agreements that provide a legal framework to change one of the original parties to a contract.
The sanctions landscape has grown increasingly complex. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in contracts of affreightment are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes.
The sanctions landscape for the container trade has grown increasingly complex over the past decade. To provide the container industry with a bespoke contractual solution that addresses the practical and commercial realities of the liner trade BIMCO has developed a Sanctions Clause for Container Vessel Time Charter Parties 2020.
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.
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.
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.