Novation Agreements webinar

Overview

The 45-minute webinar provides an overview of the Novation Agreements followed by a panel discussion where viewers where able to ask questions and was hosted by Anna Wollin, Manager Contracts and Clauses at BIMCO, who was joined by two of the team involved in the development of the forms – Mr Chris Kidd of Ince & Co and Mr Donald Chard, maritime arbitrator in London and consultant to BIMCO.

To assist companies in arranging contractual changes arising from the sale, purchase or merger of a company, BIMCO has produced the shipping industry’s first standard Novation Agreements covering respectively:

  • change of time charterers
  • change of owners under a time charter party
  • change of buyers under a shipbuilding contract. 

These contracts will provide useful tools when one party is replaced with a new entity so that existing contracts can continue to run without interruption. Apart from the benefit of time saving, the agreements address legal and practical requirements for the novation such as payment of hire, provision of guarantees and allocation of costs and expenses. 

Anna Wollin
in Copenhagen, DK

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