BIMCO recognized on release of the Time and Voyage Clauses that the provisions would not be appropriate for those operating in the container industry, where the unique features of the trade would impact the “fair” delineation of sanctions risks between owners and charterers. Finding that balance has clearly not proved straightforward for the drafting committee; in this client alert, we review the principal features of the new clause and analyze the impact for those in the container trade.
Reed Smith Client Alerts
BIMCO has finally released its long-awaited sanctions clause for container trade (the Container Clause). This comes more than a year after its revised standard sanctions clauses for time and voyage charters, and responds to the increasingly complex sanctions landscape (see our client alert on the BIMCO Sanctions Clauses for Time and Voyage Charter Parties 2020 (the Time and Voyage Clauses).