Sanctions clause for container vessel time charter parties 2021
BIMCO has recently published a sanctions clause for use in container vessel time charter parties 2021 that aim at providing the liner trade with an efficient contractual tool addressing the field the international sanctions, a complex regime which is constantly evolving.
The BIMCO Sanctions Clause for Container Vessel Time Charter Parties 2021 is intended to address two scenarios:
- transactions with Owners/Charterers being or becoming a "Sanctioned Party" and
- a situation where Charterers commit to transport, knowingly or not, a "Sanctioned Cargo".
As for any BIMCO clauses, this is a general template that might not address all situations, and in order to avoid being targeted by authorities for breach of sanctions members are recommended to conduct their own risk assessment and carefully draft their sanctions clauses and also consider obtaining legal advice.
The Clause itself is available at bimco.org and explanatory notes can be found here.