The Baltic and International Maritime Council (BIMCO) is launching new sanctions clauses for time and voyage charters.
The shipowners organisation said work on the clauses is close to completion and final drafts will be presented to BIMCO’s documentary committee for adoption on December 5.
“The subcommittee’s aim has been to draft clauses which are designed to reduce uncertainty and help avoid disputes. I am confident that we have achieved this goal by using an objective test on sanctioning,” said Alan Mackinnon, chief claims officer, UK P&I Club and chairman of the sanctions subcommittee.
BIMCO said the two key features dealt with by the clauses are: the effect of one of the parties becoming subject to sanctions, and the right of the “innocent/non-affected” party to terminate the charter party and/or claim damages; and the consequences of sanctions affecting the immediate voyage, depending if cargo has already been loaded or not.
The drafting team comprises sanctions experts from Oldendorff Carriers and Cargill, the UK P&I Club, the Swedish Club, the North and the International Group secretariat and legal advisors from Crowell & Moring.