Explanatory Notes
BIMCO members have access to the supporting explanatory notes.
SHIPTERM is a standardised term sheet intended for use in a bilateral, secured term loan ship financing transaction. The term sheet has been prepared for use in transactions between a single lender and one or more affiliated borrowers. The latest edition of this contract is SHIPTERM, issued in 2017.
Copyright in SHIPTERM is held by BIMCO.
The term sheet has been drafted on the basis that it sets out indicative terms and conditions for a term loan facility but it does not itself create a binding legal agreement. As such, there is no provision made for the term sheet to be signed by the parties.
The terms and conditions of the proposed term loan facility, once agreed, are to be incorporated into a negotiated facility agreement and related security documents satisfactory to all the parties.
The terms and conditions of the proposed term loan facility, once agreed, are to be incorporated into a negotiated facility agreement and related security documents satisfactory to all the parties.
Conditions of use
BIMCO is the author of and has copyright in SHIPTERM and has sole worldwide distribution rights. Use of SHIPTERM is free of charge but is subject to acceptance of and compliance with the following conditions:
You are permitted to use Microsoft Word™ copies of SHIPTERM for your own business to business purposes but may not otherwise distribute copies by sale, donation or lending. A Microsoft Word™ copy of SHIPTERM may be obtained by contacting contracts@bimco.org.
The master copy of the SHIPTERM form you use must be obtained from and authenticated by BIMCO.
You may delete and/or amend the original wording of SHIPTERM and/or add new wording provided that such changes are clearly marked to distinguish them from the original printed text.
You are not permitted to produce any new term sheet derived from SHIPTERM.
You may add your own corporate branding to SHIPTERM but you may not remove or amend the BIMCO logo.
We reserve the right, at our sole discretion, to modify or replace these Conditions of Use at any time. We will try to provide at least 30 days' notice prior to any new or modified Conditions of Use taking effect. Notice will be posted on BIMCO’s website at www.bimco.org.
By using SHIPTERM you agree to be bound by these Conditions of Use. If you disagree with any part of the Conditions of Use you may not use SHIPTERM.