BARECON 2001 PDF

Fill Barecon , download blank or editable online. Sign, fax and printable from PC, iPad, tablet or mobile with PDFfiller ✓ Instantly ✓ No software. Try Now!. BIMCO has recently published its new BARECON following a review of its predecessor, BARECON This revision represents a significant update to. Barecon Standard Bareboat Charter Part I filed by Horizon Lines on June 2nd,

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All time used in respect of inspection, survey or repairs shall account as the Charter Period. If the Charterers select the Option to purchase the Vessel, the price shall be as per the Purchase Option Price in Clause 35 after the end of year five 5the price from the Delivery Date until the end of year five 5 shall be reasonably agreed by both parties which shall be calculated based on the Purchase Option Price.

Closer examination of the form, however, led the Sub-committee to consider a more wide-ranging revision. The Clause has been divided into two sub-clauses; the first dealing with cargo and the second with passengers. The Cancelling Clause now incorporates a time limit of 36 running hours following the cancelling date during which the charterers must decide whether or not to exercise their option to cancel the vessel if it arrives late.

Table of Contents Rider Clauses 32 to This new provision has been introduced to permit, for instance, an inspection of the vessel pending a potential sale.

The intention is to provide the charterers with the freedom to comply with applicable orders and directions without any contractual consequences arising under the Charter, such as a breach of the charterers obligations. The Charterer shall inform the Owner of the occurrence of any Material Adverse Effect or any Default or Event of Default promptly and in any event within two 2 Business Days after becoming aware of the occurrence thereof.

The Charterer acknowledges and agrees that its Lien on the Vessel is at all times subject and subordinate to the Lien of the Mortgage. If in connection with the exercise of its purchase option hereunder, the Charterer elects to assume the debt secured by the Mortgage on the Vessel pursuant to the Debt Assumption Agreement, then the amount of such debt plus all accrued and unpaid interest so assumed shall be applied as a credit against the EBO Price.

Minimum 3 months however not applicable in case the Charterers exercise the Purchase Option as per clause What are you looking for? The Charterers warrant that they will not permit the Vessel to commence a voyage including any preceding ballast voyage which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel within the Charter Period.

Clause 31 Notices The Notices Clause is new to BARECON and is designed to provide a single point of reference establishing the agreed method of communication between the parties for the duration of the charter period. Change of Domicile B. The mediation shall be conducted in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event of disagreement, as may be set by the mediator. First, to the Mortgagee for application in accordance with Section 2.

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Clauses 32 to 44 of this Charter, then the terms of the Additional Clauses shall prevail.

Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents. Clause 12 Mortgage This optional clause is framed on the supposition that a mortgage may or may not be affixed to the barrcon.

It is understood and agreed that the Charterer may apply for subsidy under the MSP program with respect to the Vessel and that any MSP subsidy with respect to the Vessel shall be paid to and retained by the Charterer. Optional, only to apply if Box 27 filled in The Charterers undertake to furnish, before delivery of the Vessel, at first class bank guarantee or bond in sum and the place as indicated in Box 27 as guarantee for full performance of their obligations under this Charter.

Purchase Options at End Thereof. Documentation needs to comply with the requirements of the flag State and the classification society. For the avoidance of doubt, barexon Purchace Option Price includes the value of any belongings to the Vessel at the time baeecon delivery under the Redelivery MOA. The Charterer undertakes to comply, and provide such information and documents to enable the Owner to comply with all such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in the Mortgage or as may be directed from time to time during the currency of the Charter by the Mortgagee in conformity with the Mortgage.

In the context of bareboat chartering, the responsibility for arranging and paying insurances and effecting repairs rests solely with the charterers. The Charterer shall have the right to enroll the Vessels in the U. Delivery of the Vessel Employment and Use All provisions of this Charter shall be applicable during the Renewal Period, except that the Basic Hire payable under this Charter during each Renewal Period shall be that specified in this Clause Severability of Provisions Operation of the Vessel sub-clause 10 b Under a bareboat charter, it is the charterers’ obligation not only to in all respects equip the vessel, but also to man her, pay the wages to the Master, baecon and crew.

BARECON 2001

However, the provision in no way detracts from the owners’ obligation under Clause 4 Time for Delivery to exercise due diligence to deliver the vessel by the cancelling date, failing which the charterers’ right to cancel the Charter accrues automatically.

The word “consumable” has been removed from the heading of this Clause as “oil and stores” are considered by their nature to be “consumable”.

To try to circumvent this problem Clause 16 proposes an appropriately worded notice to be pinned in a conspicuous place on the vessel during the charter period. The Sellers guarantee that the Vessel, at the time of delivery, is free from all encumbrances and maritime liens or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing mortgage agreed not to be paid off by the time of delivery.

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This has been done to ensure that one party cannot invoke mediation as a delaying tactic. The Repossession Clause attempts to strengthen the owners’ position when the bareboat charter is terminated and the owners cannot take immediate physical repossession of the vessel.

However, by virtue of sub-clause 26 e of the War Clause the owners waive their right to claim a breach. Running days’ notice if other than stated in Cl. In the event of any re-registration of the Vessel under the Applicable Law of a country other than the United States, the particular provisions hereof that apply only to a U.

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The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the Charter with immediate effect by written notice to the Charterers if: This provision has been inserted in an attempt to make it clear that any default by the charterers in the payment of hire beyond the grace period would entitle bareon owners to claim damages for costs and losses incurred as a consequence of barrecon in the payment of hire, and, if the owners were to withdraw from the Charter, for the consequence of its determination.

However, the Sub-committee agreed that it was important bareconn make an express statement that the owners should not contribute to general average. Survey on Redelivery Such report shall also state that, in the opinion of such insurance broker, the forms of policies or other evidence of such insurance and the amounts of insurance and other terms are x not materially less than what is reasonably necessary for the protection of the interests of the Owner and the Mortgagee and y are customary at the time for vessels of similar size, type, trade and cargo.

Under the Building Contract the Builders have estimated that the Vessel will be ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall be the date baecon the Vessel is in fact ready for delivery by the Builders after completion of trials whether that be before or after as indicated in the Building Contract. The right to withdraw the vessel is now found in Clause 28 Terminationwhich also provides a so-called “anti-technicality” provision covering hire payments sub-clause 28 a i Charterers’ Default.

West Coast and various Asian ports served from time to time, and points in between. The purpose of sub-clause 5 c is simply to make clear that the exercise of the cancellation provisions does not prejudice any claims for damages the charterers might otherwise have on the owners.

There was particular concern that suspension of the right of withdrawal could be triggered by ” The terms of this Charter shall not be waived, altered, modified, amended, supplemented or terminated in any manner whatsoever except by written instrument signed by the party or parties to be charged.

The provision also requires that the vessel’s survey cycles are up to date and that trading and class certificates are valid for an agreed number of months following delivery.

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