BIMCO TIime Charter Party for Offshore Service Vessels Code Name: "SUPPLYTIME 2005"
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The SUPPLYTIME 89 form has for many years provided the mainstay in the Offshore Industry for the time chartering of offshore supply vessels. In order to keep pace with commercial and legal developments in the offshore sector and to ensure that SUPPLYTIME continues to enjoy widespread use in this sector, BIMCO has undertaken a modest revision. The form has been modified only where it was felt that additional clarity was needed or where recent developments in the industry dictate the incorporation of provisions previously absent from the form. Particular care has been taken not to upset the balance of the widely-recognised liability provisions and the established knock-for-knock principle of the charter party.
The revision work has benefited from extensive feedback from the industry and from the invaluable assistance of the International Support Vessel Owners' Association (ISOA). The revised form has been code named SUPPLYTIME 2005.
SUPPLYTIME 2005 was adopted at BIMCO's Centenary General Meeting in Copenhagen, May 2005.
The following table provides a clause-by-clause comparison, with commentary, highlighting the differences between SUPPLYTIME 89 and SUPPLYTIME 2005.