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BIMCO issues notes to explain Anti-Corruption Clause for Charter Parties
BIMCO has issued explanatory notes following the publication of its Anti-Corruption Clause for Charter Parties, to provide an explanation for each of the six sub-clauses and how they are to work in practice.
The Anti-Corruption Clause provides market users with a regime for responding to unlawful demands for gifts in cash or kind, such as cigarettes or alcohol.
The clause can be used in voyage and time charter parties. It sets out in a series of steps a process for the contracting parties to work together to resist such demands.
If the measures fail, however, the owners' rights to hire or uninterrupted laytime and demurrage are protected.
Termination, by either party, is the ultimate sanction under the Clause. A high threshold has been set so that the termination provisions cannot be easily used as an exit from an inconvenient charter, a BIMCO statement said.
The use of the Clause is optional - owners and charterers can agree when fixing whether they wish to include the anti-corruption clause.
The Anti-Corruption Clause provides market users with a regime for responding to unlawful demands for gifts in cash or kind, such as cigarettes or alcohol.
The clause can be used in voyage and time charter parties. It sets out in a series of steps a process for the contracting parties to work together to resist such demands.
If the measures fail, however, the owners' rights to hire or uninterrupted laytime and demurrage are protected.
Termination, by either party, is the ultimate sanction under the Clause. A high threshold has been set so that the termination provisions cannot be easily used as an exit from an inconvenient charter, a BIMCO statement said.
The use of the Clause is optional - owners and charterers can agree when fixing whether they wish to include the anti-corruption clause.
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