Ship arrest focal point of new clause
Overview
BIMCO has started work on standard arrest clauses for use in charter parties.
There is increasing concern among owners about a noticeable trend of some dry cargo charterers applying strict procedures to arrest under a charter party. BIMCO has seen a number of examples of harshly worded clauses that entitle charterers to terminate the charter party if the ship has not been released within few days of its arrest or detention, regardless of whether the owners themselves have been negligent. While some owners have accepted these one-sided clauses, BIMCO feels that a new standard arrest clause for charter parties that clearly and fairly sets out the risks and responsibilities will help both parties to take a more balanced approach to arrest.
BIMCO’s aim is to provide standard arrest clauses for voyage and time charter parties that can be used throughout the chartering chain.
A specialist drafting team has been formed comprising representatives from Polsteam, Western Bulk, Cargill, Schutzverein Deutscher Rheder and North of England P&I Club.
The project is still at a preliminary stage, but it is hoped that a draft voyage charter clause will be ready for review by BIMCO’s Documentary Committee in November this year.
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Posted:
03 October 2017
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