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CHAPTER 5 Enhancing standardisation and legal certainty through standard charterparty contracts: The NYPE 2015 experience

Charterparties: Law, Practice and Emerging Legal Issues

Page 67 5 Enhancing standardisation and legal certainty through standard charterparty contracts: The NYPE 2015 experience Enhancing standardisation and legal certainty through standard charterparty contracts: The NYPE 2015 experience Dr Theodora Nikaki 1 Professor Barış Soyer 2 5.1 Introduction Standard charterparty contracts invariably reflect the commercial values of international trade and the understanding of legal principles current when they are finalised. As time moves on, it becomes inevitable that amendments are increasingly made to such contracts by utilising ‘rider clauses’ to accommodate changes in ship operations, legal rules, and the parties’ own bargaining strength. The New York Produce Exchange Form Time Charter (commonly known as NYPE), the most widely used form in the dry cargo sector, has followed a similar pattern since its first publication in 1913. Although most recent versions have been introduced, 3 the 1946 version is still the most commonly used in practice.

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