Redelivering a ship at the end of a time charter party can sometimes result in a dispute between the owners and the charterers. The charterers may attempt to redeliver the ship before the end of the minimum charter period, or deliver it late. Charter parties are sometimes unclear about how and when ... Please follow the link to continue reading.
During the summer of 2021, BIMCO published the latest version of Check Before Fixing, which can be purchased both in print and as an e-book. It has been a very popular tool for decades and it is easy to understand why. It provides the reader with highly practical guidance and tips for avoiding pitfa... Please follow the link to continue reading.
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The Agreement Clause 1 – Definitions Clause 2 - Duration of the Agreement Clause 3 - Condition of Equipment on Delivery Clause 4 - Condition of Equipment on Redelivery Clause 4 - calculation example for depreciated value Clause 5 - Delivery Procedures Clause 6 – Redelivery Procedures Clause 7 – Del... Please follow the link to continue reading.
Owners commonly require time charterers to provide a written guarantee underwriting their obligations to pay the owners for all sums due under the agreement. Such guarantees are typically issued by a parent company. A guarantee should provide owners with a greater degree of security; but if it is po... Please follow the link to continue reading.
The ability to agree contractually to adjust a vessel’s speed in order to meet a specified time of arrival can bring economic benefits to the parties. Instead of proceeding at full speed towards a discharge port only to wait at anchor for an available berth, virtual arrival permits the adjustment of... Please follow the link to continue reading.
PART I PART II Clause I - Preamble Clause 2 - Owners’ Responsibility Clause 3 - Deviation Clause 4 - Payment of Freight Clause 5 - Loading/Discharging Clause 6 - Laytime Clause 7 - Demurrage Clause 8 - Lien Clause Clause 9 - Cancelling Clause Clause 1... Please follow the link to continue reading.
Introduction The Mission The Main Criteria PART I – BOX LAYOUT Part II – Terms and Conditions Section 1 - VESSEL Clause 1 (Builder’s and Buyer’s Obligations) Clause 2 (Description) Clause 3 (Classification, Rules and Regulations) Clause 4 (IMO Hazardo... Please follow the link to continue reading.
Introduction The absence of standard market contracts for depositing money in connection with ship sale and purchase transactions means that parties are left to draft agreements on an individual basis. In order to fill this gap and provide a useful complement to the SALEFORM, BIMCO has developed a s... Please follow the link to continue reading.
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