The Baltic Exchange has published an updated and revised Baltic Code which corrects a small number of errors in the last edition and reflects the Laytime Definitions of Charter Parties 2013 agreed upon by a working group consisting of BIMCO, the Baltic Exchange, Comitė Maritime International (CMI) and the Federation of National Associations of Shipbrokers and Agents (FONASBA) last autumn.
These changes set out statements of the meaning of words and phrases commonly used in the context of laytime and reflect contemporary market understanding based on the current state of English law.
Separate meanings have been given to the different formulations of phrases such as “Weather Working” day, new definitions included covering “Always Accessible” and “Whether in Port or Not” while a number of other provisions have been updated or clarified.
The Baltic Code is a vital document as it sets out the standards expected from Baltic Exchange members. The motto ‘Our Word Our Bond’ captures the importance of ethics in shipping. Members need to rely on each other and, in turn, on their principals, for contracts verbally expressed and only subsequently confirmed in writing. The terms of a contract, whether oral or written, are therefore considered sacrosanct and ethical business practice is an essential commitment of Baltic members.
A printed copy is being mailed to all members this week.
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