Leading London law chambers gives “top marks to BIMCO” at seminar on new edition of SUPPLYTIME offshore support vessel charter party.
Under this thought-provoking title, a specialist seminar on the new Supplytime 2017 form was held recently in London by Quadrant Chambers, the leading commercial and shipping law chambers. The overall feedback and answer to the question posed in the title was: “steady and welcome evolution” and “full marks BIMCO”.
Quadrant Chambers hosted the seminar in order to enable specialists in shipping and offshore industry work to contribute, under the skilled chairmanship of Grant Hunter, BIMCO Head of Contracts, in taking apart the drafting of the new 2017 form and in stress-testing it in comparison with Supplytime 2005 and other BIMCO offshore sector forms.. It was a very well-attended event, demonstrating the important place which Supplytime plays in the ever-diverse OSV sector.
Speakers included Simon Rainey QC [pictured], author of the leading commentary on Supplytime and other BIMCO contracts in this sector, Tug and Tow and Offshore Contracts (4th Edition to be published in December 2017) and Chris Kidd of Ince & Co, who was a member of the BIMCO drafting committee for Supplytime 2017.
The reaction of both speakers and audience was a positive endorsement of the revised 2017 form. Simon Rainey QC, analysing the revised knock-for-knock provisions in Clause 14 of Supplytime 2017, said that it was “difficult to see BIMCO having done any better” and that that his Clause 14 ‘score’ was “ A+ or 10 out of 10”. Other speakers were similarly extremely positive about other aspects of the new form dealing, for example, with off hire, bunkers, early termination and owner’s and charterer’s ‘groups’.
This is a highly encouraging and promising start, only one month into the new Supplytime 2017 form’s life.
The Quadrant Chambers seminar and speakers’ presentations are available to watch here.