What Does Force Majeure Do If It Is Declared?

The development of a new BIMCO Force Majeure Clause is progressing and continued last week as the subcommittee met to draft a bolt-on provision relating to situations when cargo has been loaded onto the ship and a party declares force majeure, says an article published in Bimco.

The starting point is that while a vessel is carrying cargo there is no right for either party to terminate the contract. This approach has been taken to avoid that the provision acts as a weapon...

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