BIMCO Currency Clause It is mutually agreed that the monthly hire due under Clause ....... is based upon the mean of the present Bank of England's selling and buying rate for the U.S. dollar, viz: $ ...... to the Pound Sterling. Should this mean rate fluctuate it is understood and agreed that the S... Please follow the link to continue reading.
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BIMCO has published a new clause that can either replace or supplement existing redelivery clauses in time charter parties.
The BIMCO Standard General Average Absorption Clause, for use in marine insurance policies, was updated in 2017 to give effect to the revised York-Antwerp Rules 2016. Further modifications have now been made to streamline the basis for determining insurers’ payments. Details are set out below toget... Please follow the link to continue reading.
BIMCO’s 2020 Bunker Clause working group is pushing hard to finish work on two key clauses addressing the global switch to 0.5% sulphur content fuel on 1 January 2020.
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With an increasing focus on force majeure due to the COVID-19 outbreak, BIMCO has gathered a drafting team to develop a free-standing force majeure clause for use in a variety of contracts.
The latest edition of this clause is Ship-to-Ship Transfer Clause for Time Charter Parties 2008.
BIMCO War Cancellation Clause 2004 Either party may cancel this Charter Party on the outbreak of war (whether there be a declaration of war or not) (a) between any two or more of the following countries: the United States of America; Russia; the United Kingdom; France; and the People’s Republic o... Please follow the link to continue reading.
BIMCO General Average clause General Average shall be adjusted, stated and settled according to the York-Antwerp Rules 2016 in London unless another place is agreed in the Charter. Cargo’s contribution to General Average shall be paid to the Carrier even when such average is the result of a fault, n... Please follow the link to continue reading.
