BIMCO Designated Entities Clause for Charter Parties 2013
The BIMCO clause addressing sanctions on named persons, entities and vessels, printed as NYPE 2015 Clause 47 and replaced by the Sanctions Clause 2020.
The BIMCO Designated Entities Clause for Charter Parties 2013 dealt with sanctions imposed on specified persons, entities and vessels under United Nations resolutions or the laws of the European Union or the United States, giving the innocent party a right to refuse performance or terminate where the counterparty or a vessel became a designated entity. It is printed as Clause 47 of NYPE 2015 .
The BIMCO Sanctions Clause for Time Charter Parties 2020, published 19 December 2019, combined this clause with the 2010 sanctions clause into a single wording and replaced both. The full article will cover the 2013 text, the termination mechanics, and why fixtures on NYPE 2015 commonly delete Clauses 46 and 47 in favour of the 2020 clause.