BIMCO approved its long-awaited revision of the leading offshore charterparty form Supplytime on 6th June 2017.
One of BIMCO’s most popular forms, Supplytime is used for a diverse range of tasks in the offshore sector extending often well beyond its original purpose of a standard time charter for offshore supply and support vessels and it is a common template for many bespoke charterparties in the offshore industry. Following its last revision in 2005, the form has been subjected to an intensive revision process by BIMCO (after widespread consultation and feedback) with the aim of achieving a form which is more balanced, clearer and easier to apply and which takes account of legal and commercial developments over the last decade.
What is the result? Have BIMCO’s aims been attained? Is it ‘all change’ or just ‘business as usual’?
Quadrant Chambers held a special seminar to analyse and discuss the principal changes in Supplytime 2017.
The event was chaired by Grant Hunter, BIMCO’s Head of Contracts and Clauses.
Simon Rainey QC, Simon Kverndal QC and Gemma Morgan of Quadrant Chambers were joined by other specialist practitioners Chris Kidd of Ince & Co LLP and Robert Gay of Hill Dickinson LLP in picking apart the new form in detail, considering, for example, the new knock-for-knock and consequential loss provisions, early termination and the general drafting changes throughout the form.
A copy of the handout is available via the attached link.
Supplytime 2017 - Evolution or Revolution?