After OW Bunker scandal, BIMCO drafts new standard bunker contract

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BimcoLogoHOPES are high at BIMCO (Baltic and International Maritime Council) that its new bunker contract will go into widespread use in the wake of Singapore fraud and bunker scandal that put OW Bunker into bankruptcy.

"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 BIMCO contract and clause expert Grant Hunter."Don't wait until something goes wrong before discovering that the contract is lacking in some important element. Clearly stating obligations, responsibilities and liabilities of both parties is fundamental," he said.

New hope in this area arises with the announcement of the shipowners group's "Standard Bunker Contract 2015" that was approved for publication at BIMCO's bi-annual Documentary Committee meeting held in Copenhagen earlier this month.

The objective of the new BIMCO bunker terms is to provide terms and conditions that are fair to both parties and provide a comprehensive starting point for negotiations, reported GAC Hot Port News."Harmonisation will help bring certainty to these negotiations and assist parties to a bunker contract that manages their risk and reduces the likelihood of disputes occurring," said a BIMCO statement accompanying the announcement.

 

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