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As adopted at the General Meeting in Athens, May 2019
BIMCO is merging its sanctions and designated entities charter party clauses, following revisions by a specialist subcommittee, to create a more robust contractual solution for sanctioning.
In October, an Asian-based subcommittee involving major players within the ship owning and ship leasing communities will begin work to develop a term sheet for sale and leaseback transactions to meet a rise in demand and to complete the suite of three term sheets available for financiers, shipowners and their advisors.
BIMCO has decided to start labelling all versions of its standard clauses with the year of publication, including the original edition, with the aim to reduce disputes over which version parties have agreed to.
BIMCO’s new DISMANTLECON contract, the first global standard contract designed for the dismantling and removal of offshore structures in the energy sector, is now available and aims to provide a balanced set of terms and conditions to both parties in the process.
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