BIMCO Standard Bunker Contract "Already Being Readily Accepted by Suppliers and Traders Worldwide"

by Ship & Bunker News Team
Thursday March 26, 2015

BIMCO's Chief Officer for Contractual Affairs, Grant Hunter, this week told the Fujairah Bunkering and Fuel Oil Forum (FUJCON 2015) audience that adoption of its new Standard Bunker Contract, the BIMCO Terms 2015, has had "a very encouraging start."

After significant development over the last year, the Terms were made available to the industry in December.

Hunter said that it was now "already being readily accepted by suppliers and traders worldwide."

"Harmonised terms and conditions adopted widely by suppliers around the world will greatly assist with contractual risk management," said BIMCO.

"Using a boilerplate contract that addresses key procedures and regulatory requirements adds a valuable tool for bunker negotiations."

The organisation added that the BIMCO Terms 2015 are written to be easy to understand by those concluding the bunker stem and were devised to be fair to both parties to the transaction.

"Compliance with regulations and sanctions form a key part of the contract, reflecting the importance of the exercise of due diligence by each party when concluding a deal," added BIMCO.

In October last year, Hunter explained at SIBCON 2014 that the Standard Bunker Contract will help manage risk and reduce disputes.