BIMCO adopted revised version of its standard Charter Party Guarantee
At its meeting in Copenhagen on November 16th, 2022, BIMCO’s Documentary Committee adopted a revised version of its standard Charter Party Guarantee, declared BIMCO on its website.
The Charter Party Guarantee 2022 is an up-to-date, clearly worded and comprehensive time charterers’ guarantee for all sums payable and liabilities under a time charter party.
The Charter Party Guarantee 2022, as its predecessor from 2012, is broader in scope than just covering the charterers’ monetary obligations under the time charter.
Thus, the guarantee also covers the charterers’ other debts, including costs of bunkers, port charges, stevedoring costs and any other costs arising during the course of the charter party which would properly be the responsibility of the charterers.
The guarantee has been drafted as a flexible instrument which, although based on English law, can be adapted to work in other jurisdictions.
An overview of upcoming contracts and clauses is available here.
The revised Charter Party Guarantee is available as sample copy accompanied by explanatory notes on the BIMCO website and in an editable version in SmartCon.