EMEA News
BIMCO Documentary Committee Adopts Standard Bunker Contract
BIMCO's Documentary Committee last Friday adopted the Standard Bunker Contract, Grant Hunter, chief officer for legal and contractual affairs, BIMCO, has told Ship & Bunker.
"We will now be pushing ahead with writing explanatory notes and preparing the contract for publication," Hunter said.
Work on the the Standard Bunker Contract began last year with the goal of creating a contract that was universally adopted, balanced for both buyers and sellers, and ultimately helped better manage risk and reduce disputes.
"If we're all working from the same set of terms and conditions that have been carefully thought through, that are balanced, that are thorough and comprehensive, that deal with both party's concerns, that has got to be a benefit for the industry," Hunter told delegates last month who had gathered in Singapore for SIBCON 2014.
"What we've produced here is something we believe is fair and balanced for both parties."
In a statement on Wednesday, BIMCO said the SBC will be published by the end of the year, and stressed it is available for use both by members and non-members alike.
"Recent events in the bunker industry emphasise more than ever the importance of having a good solid contract in place should anything unfortunate occur," said Hunter.
"Clearly stating the obligations, responsibilities and liabilities of both parties is fundamental."
"The BIMCO terms provide a solid starting point for bunker negotiations and the more people that use them the smoother the process will be."
