A revision of the current edition of the industry’s most widely used dry cargo time charter form, the NYPE 93, is underway. The charter party is being scrutinised by a team of chartering experts from BIMCO and the Association of Shipbrokers and Agents (ASBA), who are the copyright holders. The revision work began in earnest at a meeting held at BIMCO House on 24 July, where the BIMCO team reviewed suggested amendments proposed by ASBA and brainstormed a few ideas of their own.
The main objective of the revision is to update NYPE with additional or new versions of standard clauses to help reduce the number of rider clauses that are commonly added by practitioners. The revision will take a “light touch” so as not to upset the appeal that the NYPE form currently enjoys in the industry. Where there is a perception of or actual imbalance in the charter, the revision team will look at ways of addressing the problem by clarifying the wording or expanding the provisions. The end product will retain the familiarity of the present edition of NYPE while reflecting current commercial practice and latest developments in the law.
It is hoped that the revised edition of NYPE will be ready for adoption by BIMCO’s Documentary Committee when it meets to celebrate its centenary in Paris in May 2013.