SANCTIONS CLAUSE FOR CONTAINER VESSEL TIME CHARTER PARTIES 2021

BIMCO, the world’s largest international shipping association, saying that the sanctions landscape for the container trade has grown increasingly complex over the past decade, has provided the container industry with a bespoke contractual solution that addresses the practical and commercial realities of the liner trade.  It has developed a Sanctions Clause for Container Vessel Time Charter Parties 2020.  The BIMCO Sanctions Clause for Container Vessel Time Charter Parties 2021 is intended to address 2 scenarios – transactions with a “Sanctioned Party” and voyages involving a “Sanctioned Cargo”. The clause is intended as a template for general application. As with any standard clause it may need to be amended to address specific sanctions regulations and the bespoke risks arising out of them as identified by the parties.  Due to the complexity of the subject, it is recommended that parties act cautiously and obtain legal advice before amending the clause to ensure that they fully understand the consequences of any amendments.

https://www.bimco.org/contracts-and-clauses/bimco-clauses/current/sanctions_clause_for_container_vessel_time_charter_parties_2021

If you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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