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Arrest Clause for Time Charter Parties 2019

07 February 2019

Arrest clauses in charter parties are frequently one-sided with charterers having the right to terminate the charter party if the ship is not released within two or three days of an arrest. To provide a fairer allocation of risk and responsibility in the event of ship arrest BIMCO has developed two new standard clauses for time and voyage charter parties. Risk allocation is based on the “sphere of responsibilities” approach taken by the Court of Appeal of England and Wales in the "Global Santosh" judgment . Under this approach, a distinction is drawn between issues such as the management of the ship and its crew, which fall within the owners’ sphere of responsibility, and employment for use of the ship which falls within the charterers’ sphere of responsibility. This clause was published on 14 June 2019.

Sanctions Clause for Time Charter Parties 2020

31 May 2019

The sanctions landscape has grown increasingly complex since BIMCO published its Sanctions Clause for Time Charter Parties in 2010. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in charter parties and other contracts are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes. This clause is intended for use in all trades except for container trades. A separate sanctions clause for the container trades is under development. This clause was published on 19 December 2019. It replaces the Sanctions Clause for Time Charter Parties 2010 and the Designated Entities Clause for Charter Parties 2013 (which have been combined to make a new single clause for ease of incorporation).

Average Bond Clause 2007

04 July 2017

The BIMCO Average Bond Clause 2007 has been updated. The main change is in the final paragraph where the shorter limitation period previously applicable to adjustments arising under the York Antwerp Rules 2004 no longer applies. As a result, in all cases rights to claim under the clause have been brought into line with the six-year limitation period under English law. A number of minor editorial improvements have also been made. The clause is for use only in contracts of carriage where General Average is to be adjusted, stated and settled according to the York-Antwerp Rules 1994. If the York-Antwerp Rules 2016 apply to the underlying contract, the BIMCO Average Bond Clause 2018 must be used. This clause was originally published in June 2005, amended in October 2007, 2017 and 2018.

Law and Arbitration Clause 2020 New York

06 October 2020

The Law and Arbitration Clause 2020 replaces the Dispute Resolution Clause 2017. There are versions available for four named arbitration venues – London, New York, Singapore and Hong Kong. The mediation provision found in earlier versions of this clause has been removed and made into a free standing clause that parties can incorporate by choice. The Law and Arbitration Clause 2020 consists of five short subclauses. Adopted 21 September 2020

ISM Clause 1998

06 October 2016

BIMCO listened carefully to the concerns expressed by many sectors of the industry regarding the likely effect on commerce of the coming into force of the ISM Code. The ISM Code represents only one part of the substantial volume of regulations to which shipowners are bound under the law of the Flag State. As part of the SOLAS Convention 1974, as amended, implementation of the ISM Code is mandatory for all Contracting States under international law. Most standard charterparties contain fairly all-embracing provisions requiring the owner to ensure that the vessel is in full compliance with all relevant international rules and regulations, and possesses the necessary certificates, to permit the vessel to trade within the agreed trading limits. Therefore, from a strictly legal point of view, BIMCO considers that there is no readily identifiable contractual need to make a specific reference to the ISM Code in a voyage or time charter. Nevertheless, in response to the demand of Members and for those who may feel more comfortable incorporating a specific reference to the ISM Code in their charterparties, BIMCO has devised a broad and neutrally worded ISM Clause.

General Average Absorption Clause 2018

04 July 2017

The BIMCO Standard General Average Absorption Clause, for use in marine insurance policies, was updated in 2017 to give effect to the revised York-Antwerp Rules 2016. Further modifications have now been made to streamline the basis for determining insurers’ payments.  Details are set out below together with advice on adapting the clause where the underlying marine insurance policy covers more than one vessel. The 2018 clause should be used in place of the 2017 provision. The original 2002 version of the Clause, based on the York-Antwerp Rules 1994, should no longer be used.

Contract Authenticity Clause

19 October 2020

The purpose of the BIMCO Contract Authenticity Clause is to encourage parties issuing contracts based on a BIMCO form to agree to use one obtained from an authorised source (such as SmartCon). 

2020 Marine Fuel Sulphur Content Clause for Time Charter Parties

07 December 2018

BIMCO has produced two clauses for time charter parties to address key contractual issues relating to the switch to fuel with a maximum sulphur content of 0.50% as of 1 January 2020. The two clauses are the 2020 Marine Fuel Sulphur Content Clause, which replaces the BIMCO Fuel Sulphur Content Clause 2005, and the 2020 Fuel Transition Clause, which deals with switching between fuel with a maximum sulphur content of 3.50% and fuel with a maximum sulphur content of 0.50% by 1 January 2020. Both clauses should be incorporated into time charter parties. This clause was published on 10 December 2018.