BIMCO SUPPLYTIME 2005 PDF

The consequential loss clause has also been amended to make it clearer in light of recent court decisions. The charterers also have to name the owners as co-insureds under their insurance policies if they choose to take out insurance, just as the owners have to include the charterers under their policies. Apart from the changes to the overall liability regime, various other amendments have been introduced to SUPPLYTIME to modernize the standard form and take account of day-to-day practice in the industry. Also, in line with a purer knock-for-knock regime, risk of damage to the engine caused by the use of unsuitable fuel now lies with the owners.

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The consequential loss clause has also been amended to make it clearer in light of recent court decisions. The charterers also have to name the owners as co-insureds under their insurance policies if they choose to take out insurance, just as the owners have to include the charterers under their policies.

Apart from the changes to the overall liability regime, various other amendments have been introduced to SUPPLYTIME to modernize the standard form and take account of day-to-day practice in the industry. Also, in line with a purer knock-for-knock regime, risk of damage to the engine caused by the use of unsuitable fuel now lies with the owners. This was thought fairer since the owners exercise control over the risks associated with fuelling operations through more developed sampling and testing provisions.

In return, however, the owners are now given more time whilst the vessel remains on-hire to check the fuel for compliance and to stop fuelling operations, if necessary. In addition, a new clause dealing with the lay-up of the vessel has been included. There are expanded provisions dealing with on- and off-hire surveys, audits, inspections and assessments, including condition of liquid mud and brine tanks to reflect what charterers have, for some time now, increasingly demanded.

The owners can suspend performance of their obligations at any time after payment falls due and whilst it remains unpaid. During such suspension, the ship will remain on-hire. There is no requirement on the owners to give notice to the charterers before exercising their right to suspend performance.

The owners retain the right to terminate the charterparty if the charterers have still not paid five days after the required notice of failure to pay has been given. Whilst the right to terminate for cause remains, breakdown, which was previously a termination event, has been removed.

Maintenance days are a unique feature of offshore support vessel time charters. Various issues surrounding how, where and when a vessel shall be dry-docked during the period of the charterparty have been clarified including when control of the vessel passes between the owners and the charterers.

Unless being carried out using accumulated Maintenance Days, the ship will be off-hire during such dry-dockings and, in the revision, the opportunity has been taken to clarify where and when the ship goes off-hire and comes back on-hire again. At the same time, the Both-to-Blame collision clause and the General Average clauses have been removed as they are not relevant in an offshore support vessel context as they deal with cargo-related matters and are inconsistent with a purer knock-for-knock.

Vessels operating in the U. Whilst SUPPLYTIME has just been published and the industry will take some time to familiarize itself with the revised conditions, it is hoped that the new form will be embraced as the updated, modern and fair standard form charterparty it was designed to be.

We also anticipate publishing more details and updates on the new form in due course, together with client events. Article authors:.

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SUPPLYTIME: An Essential Charter Party Instrument

Apart from that, there were also several smaller changes to modernise the decade old standard form. The full ambit of the changes can be found in the explanatory notes to the latest revision. We summarise below some of the amendments which may be of some interest. Surveys, Audits and Inspections Clause 5 In practice, a problem may arise where charterers do not survey, audit or inspect the vessel before taking delivery, and subsequently argue that the vessel should not be on hire until such survey, audit or inspection is completed post-delivery. Furthermore, the right to conduct surveys, audits or inspections upon reasonable notice continues throughout the duration of the charter. This would facilitate the conduct of surveys, audits and inspections prior to delivery and, ideally, the vessel would be ready to be on-hire at the time of delivery.

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Notes from the bar: BIMCO SUPPLYTIME 2017

At first glance, the revised form is very similar to its predecessor; however, it contains some important changes, some of which are more apparent than others. The changes reflected in the revised form not only aim to provide a more balanced contract, from what has traditionally been seen as an owner friendly form, but also update the form to reflect modern practices and developments in case law. The overriding aim of the form is to "make it as appealing to Charterers as it is already to Owners"[1]. This article looks at some of the key changes contained within the form.

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