The NYPE 2015 form is now available on BIMCO’s IDEA2 Charter Party editing system. The revised form reflects changes in commercial practice and recent legal decisions. Recognising that the earlier version was regularly supplemented by various rider clauses added by users, the NYPE 2015 incorporates the most commonly used additional clauses and frequently made amendments into the main body of the contract. This would help users to reduce the risk of overlooking key clauses or adding clauses which might conflict with other provisions.

The NYPE 2015 form incorporates Singapore as one of the three named places for arbitration alongside New York and London. It is updated to align with clauses on the International Safety Management (ISM) and International Ship and Port Facility Security (ISPS) Codes. The NYPE 2015 form also incorporates procedures for slow steaming, hull fouling, piracy and sanctions, amongst others, such that it is in line with current industry practices.

Feedback was also solicited from a series of worldwide consultations last year. SMF’s role in this revision was to ensure that Asian views were considered, and SMF organised and hosted the consultation for Asia in Singapore on 8 July 2014, where members of the drafting team explained the changes and improvements to the form and received feedback from the industry. Similar consultation sessions were arranged by BIMCO in London, UK and ASBA in Stamford, Connecticut, USA. The draft form was also posted on the BIMCO website for all stakeholders to review during the second quarter of 2014.

In addition, SMF had also worked closely with BIMCO earlier on to prepare a new Singapore Arbitration Clause for incorporation into the BIMCO Standard Dispute Resolution Clause to appear in all BIMCO contracts. The recognition of Singapore as an official seat of arbitration to represent Asia for disputes arising under BIMCO contracts was a defining milestone of Singapore’s international recognition as a key node of the global maritime network. It was also a boost for the development of Singapore as a global maritime arbitration centre.

For more information on the NYPE 2015 form, please refer to the press release from BIMCO attached at Appendix A, which is also accessible via the following link: https://www.bimco.org/en/News/2015/10/15_NYPE_revision_press.aspx.