New bunker terms now available for use
Overview
The new BIMCO Bunker Terms 2018 that were approved by the Documentary Committee last week in New York have now been published. Sample copies of the BIMCO Bunker Terms 2018 together with comprehensive explanatory notes are available from BIMCO’s website. Secure and authenticated Word copies are available from BIMCO’s contract editing systems IDEA and SmartCon.
The updated bunker contract will provide the bunker industry with a clear and comprehensive platform for bunker transactions. This will hopefully lead to more harmonisation and fewer disputes between buyers and sellers.
As most bunker contracts are preceded by negotiations resulting in amendments to tailor the terms to a particular transaction, BIMCO has developed an Election Sheet for the Bunker Terms to make this process more transparent. The one-page Election Sheet clearly shows what changes have been made to the standard terms. This makes the Bunker Terms a much more negotiable instrument than its predecessors.
One of the features of the BIMCO Bunker Terms 2018 is a cap on liabilities at USD 500 000 or the invoice value, whichever is the highest. Parties can agree to a higher amount if appropriate.
The revision of the BIMCO Bunker Terms 2018 would not have been possible without the commitment, dedication and enthusiasm of the drafting team who contributed their valuable time and expertise to this project over two years. BIMCO would like to express its thanks to the following people for their efforts in developing the BIMCO Bunker Terms 2018:
- Mr Claus Kesting, J. Lauritzen (Chairperson)
- Mr Klaus Stamp, Norden
- Mr Henrik Zederkof, Dan-Bunkering (IBIA)
- Mr Rob Crees, World Fuel Services
- Mr Zain Hudda, Peninsula Petroleum
- Mr Michael Hope, North of England P&I
- Mr James Kennedy, Clyde & Co
For more information on the revised contract, please click here.
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Posted:
09 May 2018
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.
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