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BIMCO publishes Sanctions Clause for the container trade
A new time charter sanctions clause specifically designed for the container shipping sector has been published by BIMCO. The BIMCO Sanctions Clause for Container Vessel Time Charter Parties 2021 is part of an initiative to create a library of sanctions clauses that reflect the individual needs and characteristics of different trades and operations.
The shipping industry has recently come under increasing sanctions pressure from regulators. To help manage sanctions compliance companies should incorporate adequate sanctions clauses in their contracts.
“Our aim was to draft a clause which reflects the needs of the liner trade and is in line with the practical reality by not imposing unfulfillable requirements on the parties. We wanted a clause which is fair and balanced and will be accepted by owners and charterers,” says Frank Sanford, General Counsel of MSC.
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