Final phase of SUPPLYTIME update begins with consultation review
Overview
A selected consultation group from the offshore industry including owners, charterers, brokers, insurers, P&I clubs and legal experts, have recently contributed with feedback on the revised SUPPLYTIME form. This process has helped the drafting team in reviewing and “polishing” the current draft during a two day meeting at BIMCO House in November.
During the summer the draft revised SUPPLYTIME was circulated among a selected group of industry players for feedback. The consultation group consisted of a global cross-section of the offshore industry including owners, charterers, brokers, insurers, P&I clubs and legal experts, all familiar with the SUPPLYTIME form. The feedback has been very encouraging and the majority of the proposed amendments and updates to the form were welcomed. Numerous comments and suggestions from the consultation group have greatly assisted the drafting team in reviewing and “polishing” the current draft during a two day meeting at BIMCO House in November.
Although the review process is not yet fully complete, the new edition of SUPPLYTIME is now taking shape. The text of the contract is much more clearly written than in earlier editions. The drafters have taken careful note of industry feedback about the sort of amendments that are commonly and routinely made to the SUPPLYTIME form – and these common amendments have been integrated into the new edition. The so-called “knock for knock” liability regime which has formed the cornerstone of SUPPLYTIME for the past 40 years has been preserved, but with refinements to the exceptions to the regime – some of which are known to have caused issues in the past. Maintenance period entitlements and termination rights have been re-visited and updated to reflect commercial practice and legal developments. New clauses have been added covering issues such as sanctions, anti-corruption and infectious diseases. To make the contract easier to read and understand, the drafters have added a more comprehensive list of definitions to the contract covering key terms used throughout the text.
VIDEO: Ian Perrott talks about the revision of SUPPLYTIME 2005.
The SUPPLYTIME drafting team is Ian Perrott (Chairman); Fredrik Olsson (Maersk Supply Service ); Simon Ellis/Kaveh Rassouli (SubSea 7/IMCA); Tor Allen Widing (Fearnleys); Ursula O'Donnell (Standard Club); and Chris Kidd (Ince & Co).
The publication date for the new edition of SUPPLYTIME is summer 2017.
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Posted:
07 November 2016
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