New BIMCO Supplytime Vessel Charter Contract awaited
Supplytime 2005 is the most commonly used charter party contract for offshore service vessels. It is however more than a decade old and is therefore currently under review.
Generally considered to be more owner friendly, the review of Supplytime 2005 hopes to address this and create a more balanced charter party. The main focus is modernisation and enhancing clarity rather than undertaking major revisals.
Many of the amendments will be to reflect changes in commercial practice and legal developments as well as to incorporate new provisions that are very often added as riders at the point of negotiation and signing.
A select team is currently reviewing the provisions with completion estimated to be May 2017.