The unforeseen events of recent years have demonstrated how beneficial it can be for parties to contractually "expect the unexpected"– whether the event is extraordinary weather conditions caused by climate change or a pandemic. To help parties prepare for the unexpected, BIMCO has published a new clause.
The new BIMCO Force Majeure Clause 2022 provides a comprehensive “code” for the parties to help resolve situations arising from unexpected events impacting the performance of the contracts. It is a “model” clause designed for use with all types of agreements. This means that parties may need to adapt it to suit the specific needs of their contract and should look carefully at the wording and the explanatory notes before using the clause.
The new BIMCO Force Majeure Clause 2022 provides a comprehensive “code” for the parties to help resolve situations arising from unexpected events impacting the performance of the contracts. It is a “model” clause designed for use with all types of agreements. This means that parties may need to adapt it to suit the specific needs of their contract and should look carefully at the wording and the explanatory notes before using the clause.
The Clause was drafted by a team of industry experts to which BIMCO is grateful:
· Inga Frøysa, Klaveness, chairperson of the drafting team
· Nicola Ioannou, Oceanfleet
· Peri Ertugruloglu, Viterra
· Rory Butler, HFW
· Andrew Rigden Green, Stephenson Harwood
· Philip Stephenson, The Standard Club.
See the Force Majeure Clause and accompanying explanatory notes.
Source: BIMCO
See the Force Majeure Clause and accompanying explanatory notes.
Source: BIMCO
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