BIMCO developed a new standard bunker contract – the BIMCO Terms 2015.The objective of the BIMCO Terms 2015 is to provide the industry with carefully thought through terms and conditions for the purchase and delivery of marine fuels that are fair to both parties and provide a comprehensive starting point for negotiations.
Harmonisation will help bring certainty to these negotiations and assist parties to a bunker contract to manage their risk and reduce the likelihood of disputes occurring.
Creating a globally acceptable set of terms and conditions for the purchase of bunkers has been a challenging task, an essential part of which was finding common ground between sellers and buyers while taking into account different regional practices. The BIMCO Terms 2015 is the product of a year-long effort by representatives of sellers and buyers to strike a balance in a bunker purchase agreement. The result is an easy to read, yet comprehensive, boiler-plate contract which provides a solid contractual platform for bunker purchases.
You don’t have to be a BIMCO member to take advantage of the BIMCO Terms – they are available to anyone in the industry to use. We believe that they cover all the important aspects of a bunker purchase transaction and delivery, so you shouldn’t need to add anything or amend the standard text in most cases, but you are certainly free to do so if you wish.
Sample copies of the BIMCO Terms 2015 are available to download free of charge from the Chartering/Documents section of the BIMCO website.
Source: BIMCO
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