What Is a Bimco Contract

BIMCO has developed a large number of stand-alone clauses to complement standard contracts. These clauses cover a wide range of topics and can be downloaded free of charge. The clause is simple and requires little explanation: which party issues the final performance copy of a contract based on a BIMCO contract template guarantees that it has used an authentic template from an authorised source (information we are happy to provide upon request). The clause also requires that any changes to the contract be clearly identified so that the other party clearly knows what the original text is and what the amended text is. This is a standard feature of SmartCon where “Track Changes” cannot be disabled. We believe that if your counterparty provides the contract template for negotiations and is reluctant to include this clause, this should serve as a warning that the proposed contract is not a true BIMCO standard agreement. The charter party guarantee is a time charter guarantee for all amounts and liabilities payable under a time charter party. The latest edition of this contract is the Charter of Parties Guarantee, issued in 2012. The successful implementation of a Just-in-Time (JIT) arrival program depends not only on an effective operational framework, but also on important contractual considerations.

Therefore, BIMCO has formed a small group of experts to help draft a new just-in-time clause that will focus on these contractual issues. The BIMCO Conditions are a standard contract for the purchase and supply of marine fuels to ships. The latest edition of this contract is BIMCO Bunker Terms 2018. The digital one-stop shop for all the standard maritime contracts and clauses you will need. “Authentic BIMCO Model” means a bimco-approved standard contract in an editable electronic format. An authentic BIMCO contract is a contract generated by SmartCon or a bimco-approved system. If your contract was not generated by SmartCon, please contact the Secretariat (contracts@bimco.org) to verify its origin. We offer expert advice and industry knowledge, as well as opportunities to share knowledge and best practices. Members receive news and access to exclusive how-to guides and a dedicated support service for contractual matters.

The bimco website contains a wealth of information that deals with the day-to-day operations of a shipping company, and our experienced shipping market analysts provide an unbiased and independent overview of the development of the shipping market. The party responsible for issuing the final performance version of this Agreement warrants that it is an authentic BIMCO model obtained from a duly authorized source and that any changes to it will be clearly visible. A buyer`s payment rates are threatened under a shipbuilding contract until the shipyard delivers the ship. In order to cover the risk of failure or insolvency of the shipyard, it is common to cover this risk with a repayment guarantee issued by a bank. BIMCO`s Documentation Committee has adopted a clearly formulated autonomous money-back guarantee that will support the parties in their shipbuilding projects. BIMCO contracts are used throughout the shipping industry. The reliability and security provided by our standard forms can be compromised by false copies containing errors or even intentionally hidden changes to the wording. The aim is to reduce the industry`s often unintentional use of fake copies of BIMCO forms by including the authenticity clause in all new and revised BIMCO contracts.

However, you can also choose to include the clause in your contracts right now to reduce your risk and save time and effort in reviewing the evidentiary agreements offered by your counterparty. A genuine SmartCon contract is a DOCX or PDF generated by the SmartCon system. Please upload your file to check if it is a valid SmartCon contract You would not be sailing on a ship without a card, so why sign a contract without advice? Avoid unnecessary costs that you could not have foreseen. BIMCO has published a contract authenticity clause to encourage parties who award contracts based on a BIMCO form to agree to use one obtained from an authorized source such as SmartCon. SmartCon is the new and improved way to work with BIMCO contracts. The biggest change is that you can finally download and have an authentic and secure version of a BIMCO contract on your own computer. Get the full overview under “Payment Options and Contracts Available” and sign up below today. Our goal is to always be able to offer our members and the entire industry a standard BIMCO contract or clause that meets their business needs. BIMCO contracts are the most widely used in shipping and we plan to continuously expand our portfolio of more than 350 contracts and clauses. Digitization is becoming increasingly important as we develop the future design and distribution of our contracts. BIMCO offers a range of training courses that provide knowledge and skills to support participants in their daily activities… All of BIMCO`s most widely used charter parties, bills of lading and other standard agreements are available in an electronic format using BIMCO`s SmartCon online charterpart content management system.

To be the chosen partner you trust to lead the global shipping industry. In January 2021, BIMCO will invite industry to review the new vessel sales agreement in preparation and provide feedback. The new form is on track for publication in 2021. . . . Bimco`s most widely used travel charter redesign – GENCON – is entering the final phase as the design team meets in the fall to address the invaluable feedback the industry has received over the summer. BIMCO`s Board of Directors has indicated that Nick Fell, Executive Vice President of Corporate Services and General Counsel at BW Group in Singapore, will assume the role of Chairman of the bimco Documentary Committee in the summer of 2021. Learn more about BIMCO`s new sale and leaseback sheet on 9 December at 15:00 (CET).

The seminar lasts about 45 minutes and participants will do so. . BIMCO`s mission is to be at the forefront of global developments in shipping, providing specialized knowledge and practical advice to protect and add value to our members` businesses, and our vision is to be the partner chosen to play a leading role in the global shipping industry. BIMCO`s Documentation Committee has positively received a new Standard Memorandum of Understanding (MOU) for the sale and purchase of vessels, opening the door to broad industry consultation before the new standard is finalized and published next year. BIMCO has published a new charter party clause to combat potential abuses by violators of the Automatic Identification System (AIS), which is mandatory for all ships under the Regulations for the Protection of Life at Sea (SOLAS). . BIMCOSALE is a standard purchase contract, which is the document used to prove and carry out the transfer of ownership of the ship from a seller to a buyer. With the delivery of the purchase contract with the ship against payment of all amounts due, the ownership of the ship passes. The last edition of this document is BIMCOSALE, published in 1978. The copyright on the guarantee of the Charter part for the guarantee of the charterers for the amounts and liabilities to be paid within the framework of a Charter-temporal part is the property of BIMCO.

BIMCO`s holiday calendar covers public holidays in more than 150 countries, as well as local holidays and working hours at more than 680 ports around the world. Access information on national, regional or port tariffs, taxes and duties. Support from the BimCO Secretariat was provided by Grant Hunter, Head of Contracts and Clauses, and Nina Stuhrmann, Director, Contracts and Clauses. The clause was published on 21 October 2020. BIMCO has published SHIPLEASE, a new standard term sheet for sale-leaseback transactions, which will be presented in a series of free seminars in the coming months. We will start with two webinars and, as soon as the situation allows, live networking seminars will be scheduled in Asia, Europe and the United States. . To achieve our mission and goals, we use our top three strengths to help the shipping industry navigate a sustainable future: This section provides a comprehensive source of information and advice on charter issues. Here you will find valuable information on many aspects of chartering, which comes from our many years of experience in advising members. .