Update on ship financing term sheet project

Update on ship financing term sheet project

Overview

BIMCO’s Standard Term Sheet Subcommittee met on 15 June to consider feedback received on the draft term sheet agreed by the subcommittee in March...

BIMCO’s Standard Term Sheet Subcommittee met on 15 June to consider feedback received on the draft term sheet agreed by the subcommittee in March. The Sounding Board, which is composed of representatives from shipowners, banks, lawyers and other people interested in the term sheet project, had been given the opportunity to respond to a questionnaire relating to the project and make comments to the draft.

The feedback received was generally positive and supportive of the subcommittee’s approach. A number of comments concerned specific provisions in the draft and included possible alternative wordings. Consideration of the feedback will continue at the subcommittee’s next meeting on 28-29 September. Once a revised draft has been finalised, the Sounding Board will be consulted a second time. The outcome of these consultations, together with a revised draft, will be presented to the Documentary Committee at its next meeting in November.

 

Grant Hunter
in London,

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