War Risk Clause for Time Charters, 2004 (CONWARTIME 2004)
31 March 2023The latest edition of this clause is the War Risks Clause for Time Chartering 2013 (CONWARTIME 2013)
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The latest edition of this clause is the War Risks Clause for Time Chartering 2013 (CONWARTIME 2013)
The latest edition of this clause is the War Risks Clause for Time Chartering 2013 (CONWARTIME 2013)
The latest edition of this clause is the War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013)
Among the types of counter party risk that arise when entering into a new fixture or contractual arrangement, are managing performance risk and credit risk management. This guidance focuses on performance and credit risks since these are the most relevant for enabling recovery to be made in P&I and FD&D cases.
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.
The subcommittee held a productive meeting at West P&I's London offices and the dedicated drafting team has successfully concluded the initial draft of the War Risks Clause for Time Chartering (CONWARTIME).
The introduction of QRA (Quantitative Risk Analysis) into the contracting process for maritime wreck removal operations has prompted a revision of WRECKSTAGE. QRA is used to assess risk in the operation of an engineering process to inform and guide decisions on the allocation of risk between the contracting parties and the consequent pricing ramifications.
BIMCO has submitted four papers to the Maritime Safety Committee. The papers discuss how autonomous ships should be tried before they are allowed to operate, and that cyber risk management should be part of the ship’s Safety Management System.