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BIMCO's masterclass on marine carriage contracts, liabilities and cargo claims examines specific issues arising when goods are damaged, lost or delayed during transit.
BIMCO's masterclass on marine carriage contracts, liabilities and cargo claims examines specific issues arising when goods are damaged, lost or delayed during transit.
The team of cross-industry bunker experts tasked with reviewing BIMCO’s standard bunker contract has been expanded to include a major physical bunker supplier.
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 Committee has adopted a clearly worded standalone refund guarantee that will assist parties in their shipbuilding projects.
Latest news about BIMCO's contracts and clauses: New novation agreements; update on revision of SUPPLYTIME, BARECON and WORLDFOOD charter parties; update on Standard Term Sheet.
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 cornerstone” of a shipbuilding project. Copyright in the BIMCO Refund Guarantee for Shipbuilding Contracts is held by BIMCO.
BIMCO’s Documentary Committee approved a new set of standard bunker terms, developed by a cross-industry group, in New York on 2 May. The BIMCO Bunker Terms 2018 improve on the previous edition with a maximum limit of the parties’ liabilities – a key change that will lead to wider adoption of the contract.
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 Committee has adopted a clearly worded standalone refund guarantee that will assist parties in their shipbuilding projects.
