BIMCO Approves Five New Charter Parties
widespread use throughout the industry. "Barecon 89" would benefit from an update to reflect changes in modern bareboat chartering practice. "Barecon 2001" Standard Bareboat Charter which is the result of two year's work by a specialized sub-committee. a number of welcome new provisions covering areas such as termination and repossession. improve their clarity and to remove any potential ambiguity. inspection, maintenance, operation, insurance and repairs. mediation provision. The new "Barecon" will be published in the early part of 2002. The "Baltime 1939" form is probably among BIMCO's best-known charter parties. other than the introduction of a box layout in 1974.
BIMCO Promotes Use of Mediation with Dispute Resolution Clause
In a move designed to increase the shipping community’s awareness and use of mediation techniques in resolving disputes, BIMCO has developed a Standard Dispute Resolution Clause by incorporating a comprehensive Mediation Clause in to its widely used Standard Law and Arbitration Clause. A specialist BIMCO Working Group consisting of experts with particular expertise in maritime arbitration and mediation were responsible for the drafting work. The London Maritime Arbitrators Association (LMAA) and the Society of Maritime Arbitrators, Inc, of New York (SMA) provided valuable input and comment throughout the process. In shipping industry terms Mediation remains a relatively new dispute resolution technique, although it has gained widespread approval in other sectors.
BIMCO offers new Standard Bunker Contract
When BIMCO published the "Fuelcon" Standard Marine Fuels Purchasing Contract in 1995, it received only a modest welcome from the bunker industry. Although a standard contract of this type had been long-awaited by those involved in the marine fuels sector, "Fuelcon" was not widely adopted. The general feeling in the industry was that BIMCO, in an attempt to redress the balance of often onerous suppliers' terms and conditions then in general usage, had produced a standard form of contract that was too biased towards the buyers. Although failing to achieve dominance in the market, the "Fuelcon" initiative successfully raised awareness in the bunker sector of the need for a set of standard terms and conditions acceptable both to buyers and sellers.
