Responding to industry demand and to counter the circulation of potentially onerous "home-made" radiation clauses, BIMCO has developed and published a Radioactivity Risk Clause for Time Charter Parties. The Clause was developed in close consultation with BIMCO's Documentary Committee which has given its approval to the wording.
The objective of the Radioactivity Risk Clause is to provide a measured response to the current situation in northeast Japan (Fukushima) and to clarify where the parties to a time charter stand contractually in respect of trading to areas which may potentially place the vessel, crew and cargo at risk of exposure to high levels of radiation. The Clause aims to provide a balanced contractual solution that addresses the potential risk of exposure to high levels of radioactivity based on thresholds established by competent authorities.
BIMCO has issued a Special Circular to all members which provide a copy of the full text of the Clause plus explanatory notes providing some background to the thinking behind the Clause. The Special Circular and the Clause are available from the Documentary section of the BIMCO website at www.bimco.org.
April 29, 2011
BIMCO publishes radioactivity risk clause for time charter parties
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