26 Nov 2015 / Worldwide
BIMCO, the world’s largest international shipping organisation, has now launched an anti-corruption clause for charter parties. The new clause will give owners and charterers a contractual platform for cooperative action to resist demands for illegal payments from port officials and others.…
….The clause can be used in any jurisdiction because it applies the anti-corruption laws applicable to each of the parties and the local law of the place where the ship is located.
A key provision of BIMCO’s Anti-Corruption Clause is a mechanism for owners to issue a note of protest if an illegal demand is made and the demand is not withdrawn.
This triggers a co-operative response by charterers and owners to the demand. A safeguard for the owners if they issue a protest to resist a demand and the ship is delayed is that charterers cannot place the ship off-hire…
(For information about operations around the world, contact the respective GAC office. Details may be found at http://gac.com/gac-worldwide)
Source: Extracts from BIMCO (www.bimco.org) Press Release dated 24 November 2015
You are currently on GAC Worldwide website.
Group Vice President, Europe and Africa
16200 Central Green Blvd
78 Shenton Way #09-01 Singapore 079120
Group Vice President, Europe and Africa
Unit OT 18-35, Level 18, Central Park Towers, Dubai International Financial Centre, Dubai, P.O. Box 18006, United Arab Emirates
Leverage on our experience and expertise with integrated shipping, logistics and marine services tailored to meet your needs.
Safe, reliable and swift delivery of quality marine fuels at competitive prices
Round-the-clock ship supply services
Specialised solutions to improve supply chain efficiency
GAC Mobile Directory App
