BIMCO Guarantee Clauses Personal Guarantee "In consideration of the execution by you, at my request, of a charterparty, a copy of which is attached, chartering for a period of ........... the vessel ............ to ........... of ............. hereinafter called ............. I hereby agree as fol... Please follow the link to continue reading.
MEMBER CONTENT – login using the orange button at the top of the page to view.
The Charter Party Guarantee 2022 is a time charterers’ guarantee for all sums payable and liabilities under a time charter party. The latest edition of this contract is the Charter Party Guarantee, issued in 2022. It revises the 2012 version of the Guarantee. BIMCO recommends that the Owners reques... Please follow the link to continue reading.
Refund guarantees are an integral part of a shipbuilding project. Whilst they are not part of the shipbuilding contract as such, it is unlikely that any ship building contract would be signed if there was no such guarantee for the buyer. The refund guarantee is often regarded as the “financial corne... Please follow the link to continue reading.
The Charter Party Guarantee is a time charterers’ guarantee for all sums payable and liabilities under a time charter party. The latest edition of this contract is the Charter Party Guarantee 2022. Copyright in the Charter Party Guarantee for Charterers’ Guarantee of Sums Payable and Liabilities und... Please follow the link to continue reading.
Refund guarantees are complex legal documents and must meet the requirements of the issuing banks. BIMCO has, in close co-operation with legal and commercial experts, banks and shipyards, been working to develop a standard refund guarantee which can be used for shipbuilding contracts, such as SAJ.
The BIMCO documentary committee has adopted revised charter party guarantee
Refund guarantees are complex legal documents and must meet the requirements of the issuing banks. BIMCO has, in close co-operation with legal and commercial experts, banks and shipyards, been working to develop a standard refund guarantee which can be used for shipbuilding contracts, such as SAJ.
A buyer’s payment instalments are at risk under a shipbuilding contract until the shipyard delivers the ship. To safeguard against the risk of the shipyard defaulting or becoming insolvent it is common practice to cover this risk with a refund guarantee issued by a bank. BIMCO’s Documentary Committe... Please follow the link to continue reading.
BIMCO is developing a standard refund guarantee for shipbuilding contracts, including the SAJ and Chinese forms. The current issue is that English law and jurisprudence on guarantees is contradictory, complex and often very difficult to understand from a commercial perspective, and as a result small... Please follow the link to continue reading.
