New BIMCO anti-corruption clause

BIMCO has recently launched a new anti-corruption clause for charter parties. The aim of the drafting committee (which included Karl Even Rygh from Nordisk) has been to create a balanced and workable clause. One of the main features of the clause is that the owners shall issue a Letter of Protest upon receipt of a demand for a facilitation payment. If the demand causes subsequent delays, the vessel shall remain on hire (if on time charter) or time lost shall count as laytime/demurrage (if on voyage charter). The clause, together with helpful and detailed explanatory notes, can be found here.