BARECON users can expect BIMCO`s standard cash charter party to be thinner and more concentrated if a new edition is published this year. BIMCO has published a new edition of BARECON, the industry`s standard contract for cash chartering. BARGEHIRE is a Bareboat Charter Party specially designed for unmanned seaships. It is a lease agreement whereby the charterer obtains full possession and control of the vessel at the same time as the legal and financial responsibility of the vessel. The charterer generally pays for operating costs such as maintenance and repairs, but unlike chartered vessels, inland navigation vessels are often chartered with the owner`s insurance made available to the charterer. The copyright of BARGEHIRE 2008 is BIMCO. BIMCO is adapting the SHIPMAN 2009 agreement currently used for the use of autonomous vessels, but the actual absence of autonomous vessels currently in service will involve ongoing adaptations, while the industry will advance its pioneering projects. The first version is expected to be published in 2021. BARECON is a bar charter party. It is a lease agreement in which the charterer obtains full possession and control of the vessel, as well as the legal and financial responsibility of the vessel. As a general rule, the charterer pays for all operating costs, including fuel, crew, maintenance, repairs and P-I and hull insurance.
The latest edition of this contract is BARECON 2017 The review of the BIMCO Barecon Charter Party 2001 has been underway for more than a year. The project was distributed to more than 20 companies or individuals in the cash chartering industry for comment and comment. As part of a traditional part of the freight time charter, the right to suspend the non-payment of rent provides landlords with a powerful commercial tool for using late rents. However, on the basis of feedback from the sector, the application of the same sanction under BARGEHIRE is not feasible. Andrew Rigden-Green is a partner in Stephenson Harwood`s Hong Kong office. He has long-standing advice on a large number of clients regarding cash charter, time and travel parties, COAs, bills of lading and MOAs, as well as shipbuilding contracts and contracts for offshore projects. In addition to establishing documents and providing advice on transactions, Andrew has handled disputes before the English High Court and arbitration proceedings under the terms of the LMAA, LOF Salvage, GAFTA and ICC.