Escrow agreements ready for first review
Overview
Two new contracts will be presented for review at the next Documentary Committee meeting on 6 June 2017 in Rome.
Work continued last week on the escrow agreements for:
- depositing money in a sale and purchase transaction
- depositing money as security for a claim in dispute
The agreement for depositing money when purchasing a ship gives the parties the necessary framework to achieve this at the same time as protecting the person or entity holding the money for them. As the deposit holder is offering to hold the money as a service, it is important that this person is sufficiently protected in the various stages of the process.
In the contract for depositing security for a claim, provision has been made for clearly identifying the dispute which the deposited money relates to. This is important as the same parties may have several ongoing disputes between themselves. The security can be released in two scenarios – either upon settlement of the parties or upon a final and unappealable award or judgment.
It is hoped that the two new documents will be ready for adoption in November 2017.
Feedback or a question about this information?
Posted:
21 February 2017
VPS Bunker Alerts
Veritas Petroleum Services (VPS) publish regular Bunker Alerts based entirely on fuel samples and have kindly permitted BIMCO’s Members to access this information.
The Bunker Alerts are not intended to be an evaluation of overall bunker quality in the port or area concerned, but usually highlight a specific parameter within the fuel which has raised a quality issue.
Latest ice reports for members
Latest piracy reports
Latest industry releasable threats
Related publication
Ship Management Contracts
The handy guide contains explanatory notes to all of BIMCO’s current standard ship management contracts.
Related training
Charter Party Workshop Online
- Online, Online
- 27 January, 2025
The Charter Party Workshop (Masterclass) Online is a series of 10 online sessions and combines a range of lecturers on voyage and time chartering with sessions ...
ELSEWHERE ON BIMCO
Contracts & Clauses
All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.
Learn about your cargo
For general guidance and information on cargo-related queries.
BIMCO Publications
Want to buy or download a BIMCO publication? Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications.
About a new business partner
We can help members check new business partners. We also help to recover millions of USD (undisputed) funds every year.
