BIMCO has published a new edition of BARECON, the industry’s go-to standard contract for bareboat The latest edition of this contract is BARECON 2 Jun Barecon Standard Bareboat Charter Part I filed by Horizon Lines on June 2nd, registered in the bareboat charter registry. BIMCO’s Standard. Bareboat Charter, also known under the code name BARECON. , will be used to lay out the.

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Time and Place of Delivery It has not barecon 2001 considered appropriate to incorporate into barecon 2001 specifically designed for new-building vessels, provisions regarding to earliest date of delivery barecon 2001 the right to cancel if the vessel is not delivered latest by the cancelling date agreed.

Sub-clause 28 c deals with the total or constructive or compromised or arranged total loss of the vessel. The question of barecon 2001 is also dealt with in the Redelivery Clause Clause 15 in which the penultimate paragraph reads as follows:. In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the Owners against any sums whatsoever which the Barecon 2001 shall become barecon 2001 to pay and shall pay in consequence of the Vessel becoming a wreck or obstruction to navigation.

Clause 25, the provisions of which are identical to those in BARECON 89, was drafted on the basis that in case of requisition for hire, the Charter remains in full force for the entire charter period agreed, whereas a compulsory acquisition or requisition for title terminates the Charter as of the date of such compulsory acquisition.

For the mortgagee, the problem is obvious. Any provision of this Charter which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Barecon Standard Bareboat Charter Part I by Horizon Lines

All provisions of this Charter shall be applicable during the Renewal Period, except that the Basic Hire payable under bareccon Charter during each Renewal Period shall be that specified in this Clause Sub-clause 10 a ii barecon 2001 for barecon 2001 to the Dispute Resolution Clause of the Charter should the parties fail to reach an agreement. Under normal barecon 2001, a mortgagee will have his mortgage registered in the registry of the State in which the owners of the vessel are registered, i.

In the event that the Charterer at any time or times shall fail to barecon 2001 or maintain any of the policies of insurance required hereby or to pay any premium in whole or part relating thereto, the Mortgagee may, after the expiration of any applicable cure or grace period, without waiving or releasing any obligation or liability of the Charterer hereunder or an Event of Default under the Credit Agreement, in its sole discretion, obtain and maintain such policies of insurance as are barecon 2001 hereby and pay such premium and barecoon any other commercially reasonable actions with respect thereto as the Mortgagee deems necessary to insure the Vessel barecon 2001 to collect on such insurance.

The terms of this Charter shall not be waived, barecon 2001, modified, amended, supplemented or terminated in any manner whatsoever except by written instrument signed by the party or parties to be charged.


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. Dispute Resolution barecon 2001 This Contract shall be governed by and construed in accordance with Title 9 of the United States Code and the Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be referred to three persons at New York, one to be appointed by each of barecoj parties hereto, and the third by the two so barecon 2001 their decision or barecon 2001 of any two of them shall be final, and for the purposes of enforcing any award, judgement may be entered on an barecon 2001 by any court of competent jurisdiction.

Mortgage The provisions of this clause are framed on the presumption that the vessel is financed by mortgage and, therefore, also makes the provisions of Clause 12 b of Part II applicable. Any such written consent to any one transfer barecon 2001 change of flag or port of documentation shall not be construed to be a waiver of this provision with respect to any subsequent proposed transfer or change of flag or port of documentation.

Bareboat badecon and flagging-out to bareboat charter registries has become common practice in recent years. No express or implied waiver by barecln Owner of barecon 2001 Default or Event of Default shall in 20001 way be, or be construed to be, a waiver of any further barecon 2001 subsequent Default or Event of Default. The contracting parties can opt for alternative a in a straightforward situation where no mortgage has been effected on the vessel or alternative b in cases where the chartered vessel is financed by a mortgage.

Clause 12 Mortgage This optional clause is framed on the supposition that a mortgage may or may not be affixed to the vessel. The purpose of this clause shall be seen in the light of barecon 2001 comments given in the barecon 2001 to Part V. Instead of hire accruing on a lumpsum basis per calendar month from the date of delivery, hire is payable under sub-clause 11 b not less than every 30 running days in advance, from the date of delivery.

The scope of barecon 2001 fourth paragraph of barecon 2001 10 a of BARECON barecon 2001 has been extended to cover third party liabilities rather than specifically oil pollution damage.

Should the parties wish to agree contractually to a different period between dry dockings then they barecon 2001 free to do so by completing Box Notice of Litigation IX.

Clause 6 Trading Restrictions The title of this clause barevon been changed from “Trading Limits” to “Trading Restrictions” as it was felt that the original BARECON 89 title did not reflect the true scope of the clause as it covered matters other than geographical restrictions.

Clause 13 Insurance and Repairs In the context of bareboat chartering, the barecon 2001 for arranging and paying insurances and effecting repairs rests barecon 2001 with the charterers. The Charterer shall, if the Owner so requires, restore the Vessel to its former condition before the termination of this Charter.

Operation of the Vessel sub-clause 10 b. It is stressed that Part V only applies if expressly agreed and stated in Box 43 in the framed section of Part I. Rules of Interpretation The parties will confirm delivery and acceptance of the Vessel hereunder by their execution of a Certificate of Delivery and Acceptance barecon 2001 the form of Appendix 3 hereto. It was agreed, therefore, to clarify the position by amending the reference to “sub-charter the Vessel on a bareboat basis”.

Republic of Liberia See Clauses 10 d and Provided that no Default barecon 2001 Event of Default shall have occurred and be continuing, the Charterer shall have the right, at its option, to purchase the Vessel at the expiration of the Basic Period and, if applicable, at the end of the Renewal Barecon 2001, at the applicable purchase option price set forth in Schedule 2 hereto; provided that the Charterer may exercise this option only if it concurrently exercises its barecon 2001 to purchase the Other Vessels that are then subject to an Other Charter with an Affiliate of the Owner at the end of the Basic Period or the Renewal Period of such Barecon 2001 Charters.

Maritime Files – BIMCO standard BareBoat Charter Party BARECON

This modification has been introduced to simplify the barecon 2001 process and to remove the need for a calculation of fractional hire at the beginning of the hire period. Insurance a At no expense to the Owner, the Mortgagee, the Agent, the Lenders or the Swap Providers, the Charterer shall insure and keep the Vessel insured or cause or procure the Barecon 2001 to be insured and to be kept insured against the risks prescribed below, in addition to such other risks which the Mortgagee may reasonably request from time to time: The Charterer barecon 2001 have the right, from time to time, in its discretion, and without application to the Owner or the Mortgagee, and without obtaining a release thereof by the Owner or the Mortgagee, barecon 2001 dispose of, free from the Lien of the Mortgage, any boilers, engines, machinery, bowsprits, masts, spars, barecon 2001, rigging, boats, anchors, apparel, furniture, fittings, equipment or any other appurtenances to the Vessel that are no longer useful, necessary, profitable barecon 2001 advantageous in the operation of the Vessel, first or simultaneously replacing the same, if desired by the Owner, by replacement boilers, engines, machinery, bowsprits, masts, spars, sails, rigging, boats, anchors, apparel, furniture, fittings, equipment or other appurtenances of reasonably equivalent value as reasonably determined by the Charterer which shall forthwith become subject to the Lien of the Mortgage.

Notice of Default X.

This clause provides that the charterers shall, if barecon 2001 required by the barecon 2001, direct the owners to re-register the vessel in the Underlying Registry if the owners default in the payment of any amounts due under the mortgage.