New BIMCO Layup Contract
SHIPPING: A new standard contract governing the services provided for the laying up of a vessel is being developed by BIMCO. With numerous options open to shipowners regarding the type of layup from hot to cold, it was felt that a standard agreement for layup services is long overdue and much needed by the industry.
A group of experts with first hand practical experience and legal expertise of layup agreements meets in London on 14 October to begin drafting work. The drafting group will take into consideration the numerous guidelines on the laying up of vessels produced by various classification societies and P&I Clubs.
As the layup contract will be a service agreement between the shipowner and a service provider it is hoped that the new agreement can be modelled on the recently produced SHIPMAN 2009 agreement which, form a structural view, contains many elements common to a layup contract. The group will also examine a number of worked examples of layup contracts so that all issues are properly and appropriately addressed - not least of which will be liabilities for an unmanned vessel in cold-layup.
The sub-committee that will develop the new layup contract includes representatives from BP Shipping, Maersk, Kiran Shipping Group, Steamship Mutual P&I Club and Eversheds LLP. The group will be looking to complete their task by May next year so that the contract should be available for use early Summer 2011.
Source: BIMCO / maritimedanmark.dk
