BARECON 2017 (eBook)

BARECON 2017 (eBook)

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This booklet includes a sample copy of the BARECON 2017 contract and the related explanatory notes in the latest version. The explanatory notes provide some background to the thinking behind the BIMCO contract.

The new edition of BARECON is slightly leaner than its predecessor because we have removed provisions that were no longer relevant and consolidated wordings to avoid unnecessary duplication. We have added a number of new and helpful definitions to the contract that have been requested by users – not least of which is a definition of “latent defects”.

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New features include an option for the charterers to extend the charter period; tighter notice requirements on delivery and redelivery; a right for the charterers to place staff on board for familiarisation prior to delivery; and a suggested formula to help calculate charterers’ contribution for mandatory modifications and new equipment required during the charter period.

The most significant changes to BARECON are the insurance provisions. 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, we took the opportunity to spell out in very clear terms how BARECON’s insurance provisions are intended to work in this context.

BIMCO members, please enter BIMCO as Promotional Code during checkout for 20% off.  

BIMCO is the world’s largest direct-membership organisation for shipowners, charterers, shipbrokers and agents. In total, around 59% of the world’s cargo fleet is a BIMCO member, measured by dead weight tonnes (DWT).

BIMCO is a ‘not for profit’ organisation with NGO status, headquartered in Copenhagen, Denmark, and with offices in Athens, Shanghai and Singapore.

The organisation has around 1,900 member companies across 120 countries – including large and small shipowners, shippers, oil majors, brokers, local port agents, law firms, maritime security companies and national shipowner’s associations among others. The core of the BIMCO membership is around 800 shipowner members who combined control around 83% of containership tonnage, 59% of dry bulk tonnage and 51% of tanker tonnage (all measured by DWT).

BIMCO’s goals are to secure a level playing field for the global shipping industry and to deliver practical tools, advice and guidance to its members across the main shipping sectors. 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 a strong expression of that aim. BIMCO is considered the world leader in developing standard contracts and clauses in shipping.

Title: BARECON 2017 (eBook)
Edition: First
Number of Pages: 55
Product Code: IT103462
Published Date:
Author: BIMCO

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