Inter Club Agreement 1996
Under this new provision, as soon as one of the parties to a charter party has established a guarantee for a right to freight, provided that the deadlines set out in Clause 6 of the agreement have been met, the right to guarantee is based on reciprocity. A major revision of the inter-club agreement will come into force on 1 September this year. Our club publishes a circular with the other group clubs to inform members of this change. As the new agreement will come into effect on September 1, 2011, we recommend that you include it in all NYPE and Asbatime charter lots. Inter-Club New York Produce Exchange Agreement 1996 (91 KB) The new “security provision” is contained in Clause 9 of this 2011 agreement. “Freight claims between owners and charterers are fully regulated, secured, shared and paid in accordance with the provisions of the Inter-Club New York Produce Exchange Agreement 1996 (amended in 2011) or a subsequent modification or replacement. This clause prevails over all other clauses or clauses of this charter party that purport to include any other version of the Inter-Club New York Produce Exchange Agreement in this charter party. The Inter-Club New York Produce Exchange Agreement, commonly known as the Inter-Club Agreement (ICA), has provided a relatively simple mechanism for a quick and fair distribution of liability for freight applications under the New York Produce Exchange Form (NYPE) or Asbatime Charterparties. It may also apply to transportation contracts that have been approved under such charter parties. The objective of the ICA is to avoid lengthy and costly litigation on liability and distribution issues and instead to ensure a “gross and finite” distribution of liability between the parties. Clubs recommend that their members accept the agreement for the allocation of liability for cargo claims that arise in the context, initially or in connection with all parties to the charter on Form NYPE 1946 or asbatime Form 1981, whether or not that agreement was included in these charter parties. Unless the ICA is expressly included in the charter part, it cannot be applicable. All international group member clubs have issued a similar circular. .
All of BIMCO`s most common contracts and clauses, as well as advice on charter management and business partners. However, a recent arbitration proceeding in London raised concerns within the International Group, as the court found that the charter clause contained only the liability provisions of the ICA and not the guarantee obligation provided for in point 9 of the 2011 agreement. General guidance and information on freight issues. The recently published NEWPE 2015 Charterparty contains a similar clause that also encourages the application and use of the 2011 agreement and is equally acceptable.