BIMCO adopts new "Bunker Terms 2018"

A new version of BIMCO's standard contract Bunker Terms 2018 was formally adopted in New York on 2 May.  The BIMCO Bunker Terms 2018 include a default liability cap at the invoice value or $500,000, whichever is higher, and delivery provisions relating to the readiness of the vessel to receive fuel within the agreed delivery period and the consequences if this is breached.  The Bunker Terms also include comprehensive provisions regarding claims management for quantity, quality and delay claims.

Source: David Morriss / HFW

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