BIMCO’s Documentary Committee (DC) will have a busy agenda when they meet on 5 December. The DC will consider for approval new sanctions clauses for time and voyage charter parties. They will also review progress on a new edition of GENCON and be asked to provide feedback on other projects ranging from a sale and leaseback term sheet to an accommodation support vessel charter party.
DC Chairman Francis Sarre recognises in particular the need to provide the industry with tools to deal with the escalation of sanctions.
“I am particularly mindful of the need for the DC to take the sanctions clauses forward to provide the industry with a solution that reflects changes in the sanctions environment. But the DC’s work programme is exceptionally long and has a lot of other important items to consider,” said Sarre, adding:
“In recent years, we have seen a widening of BIMCO’s contracts and clauses-related activities. To mention a few high-profile projects, we are developing a standard ship sale agreement and a sale and leaseback term sheet – both very much in line with BIMCO’s strategy to provide standard forms for all shipping-related activities,” Sarre said.
The DC has 65 members with shipping, legal, commercial, broking and insurance expertise, who supervise and govern all BIMCO’s documentary work. The committee meets twice a year and approves contracts and clauses for adoption, reviews ongoing projects, and determines the future work programme.
On 5 December, the DC will also, amongst other items, review progress on the ongoing projects to develop a standard voyage charter party for gas tankers, a project jointly undertaken with the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA), as well as reports on the revision of BIMCO’s ocean towage forms, TOWCON and TOWHIRE, and the development of a new ship conversion contract.
Stay tuned for updates on the DC meeting and status of ongoing contracts and clauses-related projects.