
BIMCO has issued the following notice:
“In response to the on-going situation at the Fukushima nuclear plant, a number of home-made “radiation clauses” have begun to circulate the market which contain provisions that are generally framed very much in favour of the party that drafted them. BIMCO is aware that some of these clauses give sweeping rights to owners to deviate from Japanese port calls almost on a whim and without any objective determination of risk. Such clauses are most likely being rejected out of hand by charterers. It is response to these home-made clauses that BIMCO has drafted a standard Radiation Risk Clause for Time Charter Parties. What we hope to achieve is a balanced contractual solution that addresses the potential risk of exposure to high levels of radioactivity based on thresholds established by competent authorities. Continue reading »