What are the clauses in charter party?
Clause in a Bill of Lading or charter party which stipulates that, in the event of a collision between two ships where both are at fault, the owners of the cargo must indemnify the carrying ship against any amount paid by the carrying ship to the non-carrying ship for damage to that cargo.
What is bimco double Banking clause?
BIMCO Double Banking Clause 1981
(d) The Owners shall be entitled to insure any deductible under the Vessel’s hull policy and the Charterers shall reimburse the Owners any additional premium(s) required by the Vessel’s Underwriters and/or the cost of insuring any deductible under the Vessel’s hull policy.
What is Gencon bimco?
GENCON is a standard voyage charter party. It is a general purpose agreement for the services of a ship in exchange for freight and can be used in a variety of trades. It is accompanied by its own bill of lading, CONGENBILL 2016.
What is NYPE in shipping?
The New York Produce Exchange Form (NYPE) is the most widely used standard time charter party in the dry cargo sector. NYPE 2015 was developed in cooperation between BIMCO, the Association of Shipbrokers and Agents (ASBA), who are the copyright holders of the form, and the Singapore Maritime Foundation (SMF).
What are the 3 types of charter?
The three main types of charter are: demise charter, voyage charter, and time charter.
What are the three charter agreement?
The charter agreement lays down the responsibilities of each group and stipulates the condition in which the vessel is to be maintained. There are three main types of charters – voyage charter, time charter, and demise charter.
What is the difference between Laycan and Laydays?
Laydays and canceling are often called the laycan; they represent the period within which the vessel must be presented at the agreed port or place. If the vessel arrives before the first day of the period, the charterers do not have to accept her until commencement of the agreed laydays.
What are the 9 clauses of the Bill of Lading?
Bill of Lading Clauses
- DEFINITIONS.
- CARRIER’S TARIFF. The terms and conditions of the Carrier’s applicable Tariff are incorporated herein.
- WARRANTY.
- SUB-CONTRACTING AND INDEMNITY.
- CARRIER’S RESPONSIBILITY.
- CARRIER’S RESPONSIBILITY.
- SUNDRY LIABILITY PROVISIONS.
- SHIPPER-PACKED CONTAINERS.
What is BIMCO contract?
All of BIMCO’s most widely used charter parties, bills of lading and other standard agreements are available in an electronic format using BIMCO’s online pay-as-you-go charter party editing system, SmartCon.
What is Laycan and laytime?
Laycan means that certain period within the Layday Period and the earliest date at which loading (Laytime) can commence and the latest date upon which the Vessel can arrive at its appointed loading place without being at risk of being canceled.
What is the meaning of Laycan in shipping?
The term “laycan” is frequently used in sale contracts to refer to the delivery period of the cargo. However, “laycan” is a charterparty term, referring to the period during which the vessel must arrive at port.
What are the two main types of charter agreement?
What is the most common type of charter?
voyage charter
The voyage charter is the most common. Under this method a ship is chartered for a one-way voyage between specific ports with a specified cargo at a negotiated rate of freight.
What is bimco contract?
What is laytime and Laycan?
What is Section 7 on a bill of lading?
When the BOL for a shipment is marked as collect, and Section 7 is signed by the shipper that signifies that if the consignee does not pay the freight charges, the carrier cannot go back to the shipper for payment. Therefore, the carrier can hold the freight until payment from the consignee is received.
What are the 3 primary roles of a bill of lading?
A bill of lading has three main purposes. First, it is a document of title to the goods described in the bill of lading. Second, it is a receipt for the shipped products. Finally, it represents the agreed terms and conditions for the transportation of the goods.
What is the main objective of BIMCO?
BIMCO states that its primary objective is to protect its global membership through the provision of information and advice, while promoting fair business practices and facilitating harmonisation and standardisation of commercial shipping practices and contracts.
Can nor be tendered before Laycan?
Most voyage charter parties start the running of laytime after a valid NOR has been tendered. Therefore, if an invalid NOR is given because the vessel is not at the agreed place, then laytime will not start to run.
What is the difference between laytime and Laycan?
What are the 9 clauses of the bill of lading?
What are the 4 main functions of bill of lading?
A bill of lading must be transferable, and serves three main functions: it is a conclusive receipt, i.e. an acknowledgement that the goods have been loaded; and. it contains, or evidences, the terms of the contract of carriage; and. it serves as a document of title to the goods, subject to the nemo dat rule.
What is the difference between bill of lading and Charter Party?
Since the transferee or consignee of the bill of lading is not party to the charter party, then the bill of lading is the contract of carriage. On the other hand if the consignee or transferee is the charterer then the charter party is the contract of carriage and it is not superseded by the bill of lading.
What is meant by BIMCO?
Baltic and International Maritime Council (BIMCO)
What are the three 3 different ways of chartering a ship vessel?
There are three main types of charters – voyage charter, time charter, and demise charter.