Updated HYDROCHARTER heads for adoption
Overview
Norsk Hydro and BIMCO are working together to update the HYDROCHARTER voyage charter party.
The aim is to provide a comprehensive charter party that meets user needs and reflects contemporary commercial practice in the carriage of various cargoes used by Norsk Hydro in the production of aluminium. The revised HYDROCHARTER will include a number of new and updated BIMCO standard clauses together with commonly used rider provisions. Copyright in HYDROCHARTER is held by Oslo-based Norsk Hydro. The contract is governed by Norwegian law and any charter party disputes will be referred to the City Court in Oslo.
The charter party will be accompanied by an updated bill of lading, the HYDROBILL 2016. The bill incorporates the International Group of P&I Clubs/BIMCO Himalaya Clause 2014. It also provides that general average is to be adjusted and settled in Oslo in accordance with the recently published York-Antwerp Rules 2016. The content of the signature box has been brought into line with UCP600 requirements.
Detailed development has been undertaken by a specialist drafting committee comprising representatives from Lauritzen Bulkers, Western Bulk, Pareto, Nordisk Defence Club, Skuld and Norsk Hydro.
The first HYDROCHARTER charter party was issued in 1923. Over the years, BIMCO and Norsk Hydro have worked together on a number of occasions to improve and modernise the content. The current revision is a timely recognition of changes that have occurred since the contract was last updated in 1997.
The amended HYDROCHARTER and HYDROBILL will be presented for adoption to the BIMCO Documentary Committee at its autumn meeting. Once approved, the new documents will be published by the end of the year.
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Posted:
08 July 2016
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