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The Sub-Agency Agreement was published by FONASBA (the Federation of National Associations of Ship Brokers and Agents) and approved by BIMCO in1998. It is a contract for the appointment by a general agent of a sub-agent on behalf of a liner principal. The current edition of this contract is FONASBA Sub-Agency Agreement, issued in 1998.
On 4 March 2023, 190 countries approved a landmark agreement to protect areas of the ocean beyond national jurisdiction- the agreement confirms the importance of the role of the IMO in regulating international shipping.
BIMCO members are invited to provide their views on the new standard contract of affreightment - GENCOA.
As a result of a rising number of shipments of industrial raw materials such as bauxite, coal and iron ore being transported under COAs, BIMCO is working on a new standard form of contract of affreightment (COA).
BIMCO has revised and updated its two standard ship repair contracts: REPAIRCON, which is for major work at a repair yard; and MINREPCON, which is for minor repair work that can be done by contractors when a ship is in port.
In response to growing concerns over the impact of hull biofouling on the marine environment, BIMCO and a group of industry partners have set out to create an internationally recognised standard.
BIMCO’s Documentary Committee approved a new set of standard bunker terms, developed by a cross-industry group, in New York on 2 May. The BIMCO Bunker Terms 2018 improve on the previous edition with a maximum limit of the parties’ liabilities – a key change that will lead to wider adoption of the contract.
The bill of lading is a key document. It is issued by the carrier to a shipper and serves as a receipt for goods shipped, evidence of the contract of carriage, and a document of title. It is an important document in international maritime trade as it serves as proof of ownership and provides legal protection for both the shipper and the carrier. It also serves as an invoice for payment and can be used to obtain insurance coverage. A letter of indemnity is a document used in international maritime transportation to protect the carrier from any financial losses or liabilities. It is typically used when the carrier is asked to release the cargo without the original B/L available upon arrival at the discharging port if the cargo destination is changed or the cargo is traded and split up. The letter of indemnity serves as an agreement between the shipper and carrier that the shipper will be responsible for any losses incurred due to their negligence or lack of documentation.
The bill of lading is a key document. It is issued by the carrier to a shipper and serves as a receipt for goods shipped, evidence of the contract of carriage, and a document of title. It is an important document in international maritime trade as it serves as proof of ownership and provides legal protection for both the shipper and the carrier. It also serves as an invoice for payment and can be used to obtain insurance coverage. A letter of indemnity is a document used in international maritime transportation to protect the carrier from any financial losses or liabilities. It is typically used when the carrier is asked to release the cargo without the original B/L available upon arrival at the discharging port if the cargo destination is changed or the cargo is traded and split up. The letter of indemnity serves as an agreement between the shipper and carrier that the shipper will be responsible for any losses incurred due to their negligence or lack of documentation.
