BIMCO’s Intervention service for members

Published: 27 February 2024

Do you have brokerage commission owed to you? Have you heard about the BIMCO Intervention Service available for undisputed amounts?

Every year, BIMCO helps members to collect millions of dollars owed to them.

Did the charter party cover brokerage commission in the way you expected, or did something fall between the cracks?

Maybe there is something that can’t be documented?

The 300 most recent cases have resulted in a successful collection in 40% of the cases. In 25% we issued a Notice to Members informing them about undisputed, unpaid debt.

It was only in the remaining 35% that it was not possible for us to assist, resulting in an “impasse” for various reasons. Some of these cases were about brokerage commission and in that respect typical pitfalls were:

The broker and the commission agreed was not mentioned at all in the charter party

The broker had agreed to collect the brokerage commission from the charterer instead of the owner but omitted to put that crucial detail in writing

The contract parties, ie the owners and charterers, over time in a running contract, were substituted, but without an update/addendum to the initial contract being made. If it is not the broker who should keep track of that, who should?

The bottom line in these situations is that crucial information was omitted from the agreement, so it cannot be a surprise that it will be difficult to collect the commission.

Conclusion: Even if the BIMCO intervention service is available to members, still ensure the contract is crystal clear also in respect of the agreed commission.

If you are in need of assistance in collecting undisputed debt and are a BIMCO owner, agency or broker member, please don’t hesitate to get in touch with the BIMCO Intervention Service.

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