New BIMCO Law and Arbitration Clause 2020

single

On September 21, 2020 BIMCO has adopted a new arbitration clause. Several aspects are harmonized by the new clause, such as the choice of forum, the governing law and all the applicable terms in accordance with the chosen arbitration association. One of the most important key change concerns the notices of commencement of proceedings and the appointment of arbitrators. The new Law & Arbitration Clause address these issues with a provision requiring parties to a contract to clearly identify who are authorised to receive arbitration notices and communication.

Attachments

Attachments