This clause addresses force majeure events occurring under contracts used by the shipping industry that affects the performance of the parties. It is a model clause that should be carefully reviewed by the parties and adapted as required to fit the context of the type of contract it is used in.
With an increasing focus on force majeure due to the COVID-19 outbreak, BIMCO has gathered a drafting team to develop a free-standing force majeure clause for use in a variety of contracts.
The unforeseen events of recent years have demonstrated how beneficial it can be for parties to contractually “expect the unexpected” – whether the event is extraordinary weather conditions caused by climate change or a pandemic. To help parties prepare for the unexpected, BIMCO has published a new ... Please follow the link to continue reading.
A first draft of the BIMCO Force Majeure Clause will be presented for review at the BIMCO Documentary Committee meeting 25-26 January 2021.
The development of a new BIMCO Force Majeure Clause is progressing and continued last week as the subcommittee met to draft a bolt-on provision relating to situations when cargo has been loaded onto the ship and a party declares force majeure.
The development of a new BIMCO Force Majeure Clause is progressing and continued last week as the subcommittee met to draft a bolt-on provision relating to situations when cargo has been loaded onto the ship and a party declares force majeure.
BIMCO’s Documentary Committee adopted two new contracts and two clauses at its meeting on 29 November. The two clauses will be published immediately. The contracts will be published in early January.
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The clause comprehensively sets out a complete code to address force majeure with a detailed and up to date definition of force majeure events. The rationale is that when a force majeure event occurs, the parties will find themselves in a crisis situation and will benefit from a contractual regime a... Please follow the link to continue reading.
The spread of the COVID-19 virus is causing significant issues in the shipbuilding industry, but English law has no general concept of force majeure, and this is a key factor in the relationship between shipyards and shipowners.
