BIMCO launches new clauses

BIMCO’s Documentary Committee has agreed to carry out a major overhaul of its Dispute Resolution Clause, with the aim to shorten and simplify what has become BIMCO’s longest standard clause. At the bi-annual Documentary Committee meeting, it was agreed to begin the work to simplify the clause, partly by removing the mediation provision that was added to the clause in 2002. A new free-standing mediation clause will be published for parties that wish to invoke mediation for all, or part, of a dispute, once arbitration proceedings have commenced.