Two new standard clauses on agenda for BIMCO's April 2023 Documentary Committee - Russian Oil Cap and On-Trading clauses
Subclause (a) determines the governing law; the place of arbitration; the applicable arbitration legislation; and the seat of arbitration (where the arbitration takes place in a jurisdiction other than the agreed place of arbitration). It is an “exclusive” arbitration agreement. This is emphasised b... Please follow the link to continue reading.
The subcommittee tasked with the revision of BIMCO’s suite of third party management contracts continues its work to develop a standard Emission Trading Scheme Allowances (ETSA) Clause for use with the popular ship management agreement SHIPMAN.
The form retains the familiar Part I box layout which provides a useful summary of all the key variables of the contract such as details of the parties and tugs and payment terms. The main terms and conditions of the agreement are contained in Part II of the form. To make the agreement easier to rea... Please follow the link to continue reading.
The clause comprehensively sets out a complete code to address force majeure with a detailed and up to date definition of force majeure events. The rationale is that when a force majeure event occurs, the parties will find themselves in a crisis situation and will benefit from a contractual regime a... Please follow the link to continue reading.
Inga Marie Frøysa’s creative approach to problem solving has driven the work of BIMCO’s Documentary Committee and helped shape standard contractual agreements for shipping.
At its meeting in Rome in June 2017, the Documentary Committee agreed that specialist provisions dealing with the mechanics of General Average should be modified to ensure consistency with user requirements and market arrangements.
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Background Part I Part II Section 1 – Basis of the Agreement Clause 1 (Definitions) Clause 2 (Commencement and Appointment) Clause 3 (Authority of the Supervisors) Section 2 – Scope of Services Clause 4 (Specification Review) ... Please follow the link to continue reading.
Introduction Part I Part II Clause 1 Scope of Contract and Rates Clause 2 Carrier’s Commitment Clause 3 Shipper’s Commitment Clause 4 Verification of Contract Carryings Clause 5 Non-performance Clause 6 Force Majeure Clause 7 Contracts ... Please follow the link to continue reading.
