A. INTRODUCTION

15.1 The New York Produce Exchange Form of time charter has remained one of the most popular time charter forms for drybulk shipments throughout its various revisions since its introduction on 6 November 1913. In an attempt to reduce disputes regarding the division of liability as between owners and charterers under this charter form an agreement was reached between all of the clubs of the International Group.1 The design was to enable owners and charterers to reach speedy and amicable resolutions of disputes and to avoid protracted litigation.