Work is due to begin on this important project over the summer
The offshore industry’s most widely used contract for time chartering service and support vessels has been earmarked for revision by BIMCO’s Documentary Committee.
The 2005 edition of SUPPLYTIME is currently BIMCO’s best selling standard document and is used for a wide variety of offshore-related tasks. The revision is likely to be in the form of a “light touch” focusing on incorporating the latest editions of BIMCO standard clauses such as Dispute Resolution and CONWARTIME.
However, attention will also be paid to some of the clauses in SUPPLYTIME from which provisions in the WINDTIME charter party were derived.
Key clauses such as “Early Termination” may well be a focus for the group of experts who will be tasked with the revision work. Feedback from users has indicated that some of the provisions of the Early Termination clause could be more clearly written to avoid possible misunderstanding.
The objective of the revision will be to improve the clarity of SUPPLYTIME and bring it up to date with commercial practice and legal developments without upsetting the balance and appeal that the form currently enjoys.
The first phase of the revision process will be the gathering of industry feedback on the use of SUPPLYTIME and suggestions for improvement.
It will then be the task of a specialist Sub-committee to review the comments and suggestions and begin the process of updating the contract. Work is due to begin on this important project over the summer.
Source: BIMCO
