This new edition of BARECON is more concise than its predecessor. Provisions that are no longer relevant have been removed and wordings have been consolidated to avoid unnecessary duplication. As well as accompanying explanatory notes, the publication contains helpful definitions that have been requested by users, including but not limited to ‘latent defects’.
New features of this publication include an option for the charterers to extend the charter period; tighter notice requirements on delivery and redelivery; and a suggested formula to help calculate charterers’ contribution for mandatory modifications and new equipment required during the charter period. In May 2017, the UK Supreme Court gave judgment in the ‘Ocean Victory’. Among the issues dealt with by the Supreme Court was the impact of BARECON’s insurance provisions on the right to claim against third parties. Although the case is of greater significance to insurers than bareboat owners and charterers, this publication explains how BARECON’s insurance provisions are intended to work in this context.
BARECON 2017 – Standard Bareboat Charter Party
BIMCO’s goal is to secure a level playing field for the global shipping industry. BIMCO therefore works to promote and secure global standards and regulations for the maritime sector. The organisation’s century long effort into creating standard contracts and clauses is an expression of that aim.
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- March 2020
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