BIMCO update on Contracts and Clauses

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(www.MaritimeCyprus.com) BIMCO’s Documentary Committee (DC) has approved two new clauses and two revised versions of existing contracts. The new standards are being finalized for publication and will soon be made available for use on the BIMCO website accompanied by explanatory notes.

CII Clause for Voyage Charter Parties

In line with BIMCO’s strategic focus to develop contractual solutions assisting the shipping industry in its efforts to decarbonize, the DC adopted a CII Clause for Voyage Charter Parties. More information about the clause, which entitles the owners/the Master to adjust course and/or to reduce the speed of the vessel in order to reduce the carbon intensity of the vessel, is available here.

Ship Sales Further Trading Clause

The DC also adopted the Ship Sales Further Trading Clause which can be negotiated and included in SHIPSALE 22 or other standard Memoranda of Agreement (MOAs). Agreeing to this clause means that the buyers of the vessel undertake to continue to trade the vessel for a period of time to be specified Ship Sales Further Trading Clause.

WRECKSTAGE

Work to revise BIMCO’s suite of wreck removal agreements took an important step forward when the DC adopted a revised version of WRECKSTAGE 2010, the International Wreck Removal and Marine Services Agreement (Lump Sum – Stage Payments). The main objective of the revision has been to introduce an optional clause applying quantitative risk assessment (QRA) methods but also other provisions have been updated. The new version of WRECKSTAGE is being polished by the subcommittee and will be available later in the year.

SYNACOMEX

Responding to a request by the French Union for Grains and Seeds Trade (SYNACOMEX) and the French Shipowners’ Association to endorse a revised version of the much-used Continent Grain Charter Party SYNACOMEX, the DC approved the new form which, amongst other, includes BIMCO’s anti-corruption clause and updated versions of the war risks and sanctions clauses. More information about the revised SYNACOMEX is available here.

Two projects fast-tracked for adoption

Two subcommittees will continue their work on their respective drafts in view of certain comments made by the DC. This was the case for the draft clause addressing Emission Trading Scheme Allowances (ETSA) in the context of ship management agreements and a set of two draft standard Quiet Enjoyment Letters (QELs) for use in ship financing transactions. Both will be fast-tracked for adoption and an online meeting of the DC will be held to reconsider the ETSA Clause for SHIPMAN in view of the urgent need for such a clause in the industry.

An Emission Scheme Surcharge Clause for Voyage Charter Parties is also being developed and will be presented for adoption before the new year. While the clause is in principle intended for application with any emission scheme, BIMCO is mindful of the need to provide a clause which also caters for the EU ETS before its entry into force on 1 January 2024.

 

Source: BIMCO

 

 

 

 

 

 

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