Balanced and fair
By providing contractual standards, BIMCO supports the industry as a whole by reducing negotiation time and the risk of disputes. Creating contracts and clauses for the industry which are balanced and fair for all parties requires a robust and collaborative process.
The BIMCO Secretariat of maritime contracts specialists facilitates and coordinates a collective drafting process that involves the industry itself. Using feedback and experience from members and the industry, BIMCO develops new clauses and contracts and keeps existing ones updated. BIMCO gathers the experts and ensures that the drafting process is inclusive, transparent and balanced. We provide the platform to develop and deliver clear and fair contractual solutions for the industry Subcommittee members are carefully chosen among BIMCO’s global membership, often with a mix between owners and charterers, P&I clubs and legal experts to fit each individual project in a balanced manner with all relevant parties equally represented.
The subcommittee work is reviewed and adopted by the BIMCO Documentary Committee (the DC). The DC is a competent and unique body comprising of more than 90 members from over 27 countries with commercial, legal, insurance and brokering industry expertise, reflecting BIMCO’s global membership. In essence, it is the industry drafting for the industry.
Further, we utilise our expertise in developing maritime contracts to support members through the BIMCO Contractual Advice service and in the development of contract-specific training courses.