After nearly two years of regular meetings in New York, Singapore and Copenhagen by a joint working group from BIMCO, ASBA and the SMF, work on developing a modern NYPE Time Charter is now drawing to a close. The revision of the shipping industry's most widely used standard time charter party has required some hard thinking by the members of the drafting team. At an early stage of the project it was decided that the new NYPE should be much more comprehensive that its earlier incarnations - notably the 1946 and 1993 editions. Recognising that the NYPE form is regularly supplemented by numerous rider clauses added by users, the new version will incorporate the most commonly used additional clauses into the main body of the contract. This process alone will mean that users will significantly reduce their risk of overlooking key clauses or adding clauses which may conflict with other provisions. As a result the NYPE form will necessarily become much longer, but this should be weighed against the considerable benefit to users of not having to add numerous rider clauses from various sources or even having to draft their own clauses.

Despite the lengthening of the contract, every effort has been made to maintain the overall look and feel of NYPE. No unnecessary changes have been made to existing clauses and most will be found with the same clause numbers as in the present '93 edition.

In the modern language of charter parties the revised NYPE will incorporate provisions on ISM, ISPS, slow steaming, hull fouling, piracy, designated entities, advance cargo notification, and sanctions, to name but a few. All these provisions have been carefully reviewed by the joint drafting group to ensure that together they form an integrated well-balanced and clearly written "package" of provisions.

The next phase in the development of the revised NYPE charter party will involve consultation with the industry. this will take the form of a series of public seminars at various locations around the world where members of the drafting team will explain the changes and improvements to NYPE and answer questions from the audience. This 6 month process will begin after the April Documentary Committee meeting which takes place in Dubai. A final draft of NYPE will be put forward for adoption to BIMCO's Documentary Committee in November 2014. If approved, the new NYPE will be available to use via BIMCO's IDEA2 Charter party editing system by the end of this year.

If you are interested in attending any of the NYPE seminars that will take place after April please keep an eye on these news pages for details of how to sign up.