Archives: BIMCO

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BIMCO launches Laytime Definitions for Charter Parties

BIMCO has recently published its Laytime Definitions for Charter Parties 2013. This sets out the meaning and commentary of certain specialist terms such as “reachable on arrival”, “always accessible” and “weather working day”. BIMCO states that the definitions have been developed “to provide practitioners with a set of meanings of commonly-used words and phrases. The … Continue Reading

BIMCO launches Designated Entities Clause for Charterparties

BIMCO has published a precedent clause designed to address some concerns about sanctions. Most major sanctions regimes, including those of the US and EU, include lists of designated parties with whom it is effectively prohibited to do business. Under the EU regime, for example, all assets of designated parties must be frozen and it is … Continue Reading

BIMCO launches Charterparty Guarantee

BIMCO has published a standard form Charterparty Guarantee, in respect of the guarantee of Charterers’ payment obligations and liabilities under a time charterparty. As well as payments due to Owners by Charterers, the document also incorporates a guarantee in respect of Charterers’ liabilities for other items including bunkers, port charges and stevedoring costs. Owners may … Continue Reading

BIMCO publishes GUARDCON: an Industry Standard Contract for the Employment of Security Guards on Vessels

All industry participants will be well aware of the difficulties caused by the recent flourishing of piracy in the western Indian Ocean and elsewhere. A whole vessel security industry continues to grow, particularly in Dubai, as a result. In recent times, minds have turned to consider the liabilities and consequent legal and insurance issues arising … Continue Reading

BIMCO updates Radioactivity Clause

BIMCO has updated its Radioactivity Risk Clause for time charterparties. Several changes have been made to the clause, including a provision to protect owners against the consequences of unknowingly taking on board ballast water contaminated by radioactivity, and an amendment to the radioactivity survey provision. The latter now provides for a fairer allocation of costs … Continue Reading

BIMCO publishes Slow Steaming Clause for Time Charterparties

BIMCO has published a slow steaming clause for use in time charterparties. This clause was developed with the aim of balancing Charterers’ wish to control the speed of the vessel by giving express instructions, and Owners’ concerns about the consequences of complying with such instructions. Various technical and legal issues need to be taken into … Continue Reading
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