Descr ip t ion of the vessel
It is no great secret that there is a close connection between the rate of hire and the speed and consumption warranties of the particular vessel. It is important, however, to keep in
mind that breach of those warranties or misrepresentation of the vessel’s particulars account for a large portion of the disputes arising under time charter.
Be careful, therefore, when describing the vessel. Over-optimistic speed/consumption warranties, acceptance of stringent modifications such as “average service speed” and
certain performance “in all weather conditions”, especially in long-term time charter or a laid back approach to providing the vessel’s particulars will invariably be skilfully exploited
by the charterers.
Description of the vessel - BIMCO
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4/27/2010 5:50 PM