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Emission Trading Scheme clause for BARECON
BIMCO has previously published ETS clauses for its other standard charterparty agreements which are intended to reflect the intention of the parties for dealing with the transfer of emission allowances under their commercial agreements.
BIMCO is in the process of finalising a clause dealing with the emission trading scheme (ETS) for insertion into BARECON, its standard bareboat charterparty. They hope this will be finalised and published within the next few months.
While standard form ETS clauses are available, our experience is that these often require significant amendments to reflect our clients’ specific commercial approach to emissions trading or to capture what has actually been agreed between the parties. We therefore strongly recommend that parties do not simply adopt standard wording, but instead carefully negotiate and tailor ETS clauses to suit the unique requirements and risk allocation of each transaction.
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