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International Restructuring Newswire
Welcome to the Q2 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
Global | Publication | December 2015
The Baltic and International Maritime Counsel (BIMCO) has released a revised version of the New York Produce Exchange (NYPE) time charter party.
Our infographic provides a summary of the key changes.
Widely used in the dry cargo sector of the shipping industry, the NYPE form was last updated in 1993. The new version is intended to appeal to a modern, global shipping industry, retaining the familiarity of the previous version while reflecting current commercial practices and the latest developments in shipping law. New clauses have been added and some existing clauses updated, reducing the need for users to include supplementary clauses with the risk that key clauses could be overlooked or additional clauses added which conflict with other provisions.
The new form also seeks to create a more balanced agreement between Owner and Charterer than previous versions and is the result of three years of intensive discussion between BIMCO, copyright holder the Association of Ship Brokers and Agents (ASBA) and the Singapore Maritime Foundation (SMF). Whether a balance has been achieved and can be maintained in the face of continually evolving market conditions remains to be seen as parties choose whether or not to adopt this new standard form.
Links to the new Standard Form and the Explanatory Notes are provided for your information.
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Welcome to the Q2 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
Publication
On 16 April 2024, the Hon Tanya Plibersek MP, the Minister for the Environment and Water (the Minister) announced progress on the package of reforms to the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act).
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The DOJ Criminal Division’s Pilot Program on Voluntary Self-Disclosure for Individuals aims to encourage individuals with potential criminal exposure to voluntarily disclose corporate criminal conduct in exchange for discretionary grants of immunity.
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