1.

Shipbroker

BIMCO
STANDARD CONTRACT OF AFFREIGHTMENT
FOR DRY BULK CARGOES
CODE NAME: GENCOA

PART I

2. Place and Date of Contract

3. Owners (indicate name, address and telex number)

4. Charterers (indicate name, address and telex number)

5. Description of Cargoes (Cl. 1)

6. Loading Port(s) or Range(s) (Cl. 1)

7. Discharging Port(s) or Range(s) (Cl. 1)

8. Total Quantity/Number of Shipments (Cl. 2)

9. Period of Contract (state period, first layday for initial vessel and cancelling date
for final vessel) (Cl. 3)

If option (a) applies state min./max. quantities and at whose option:

OR
If option (b) applies state number of shipments:

10. Quantity per Shipment (state min./max. quantity at Owners option) (Cl. 4)

11. Final Shipment (state min. quantity) (Cl. 5)

12. Shipment Periods/Programme of Shipments/Scheduling/Nomination (Cl. 6 & 7)

Copyright, published by BIMCO

Copenhagen, November 2004

13. Performing Vessels/Description (Cl. 10)

continued

Printed and sold by Fr. G. Knudtzons Bogtrykkeri A/S, Vallensbaekvej 61, DK-2625 Vallensbaek. Fax: +45 4366 0708

(continued)

GENCOA Standard Contract of Affreightment for Dry Bulk Cargoes

PART I

14. Freight Rate (Cl. 12)

15. Freight Payment (currency and when/where payable; also state beneficiary
and bank account) (Cl. 12)

16. Demurrage/Despatch Money (state rate(s) or scale) (Cl. 13)

17. Applicable Charter Party (Preamble)

18. Bunker Price Adjustment (Cl. 16)

(a) Bunker price (USD per metric ton)
(b) Type and grade of oil (indicate whether gas oil, diesel or fuel oil)
(c) Port or place (also supplier or published index)
(d) (i) Bunker price higher limit
(d) (ii) Bunker price lower limit
(e) Bunker consumption
19. War Cancellation (indicate other countries, if any, agreed) (Cl. 17)

20. Dispute Resolution (state 18(a), 18(b) or 18(c) of Cl. 18, as agreed; if 18(c)

21. Commission and to whom payable (Cl. 19)

agreed state place of arbitration) (if not filled in 18(a) shall apply) (Cl. 18)

22. Names and Addresses for Nominations/Notifications by the Owners

23. Names and Addresses for Nominations/Notifications by the Charterers

24. Additional Clauses

It is mutually agreed between the party mentioned in Box 3 (hereinafter referred to as the Owners) and the party mentioned in Box 4 (hereinafter referred to as
the Charterers) that this Contract shall be performed in accordance with the conditions contained in PART I including additional clauses, if any agreed and stated in
Box 24, and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further.

Signature (Owners)

Signature (Charterers)

PART II
GENCOA Standard Contract of Affreightment Terms
Preamble
For the purpose of interpretation:
Form means PARTS I and II of this GENCOA form.
Contract means the Form including the attached
voyage charter party stated in Box 17.
This Form is intended for use with a voyage charter
party. Each and every voyage under this Contract shall
be governed by the terms and conditions of the attached
voyage charter party, as stated in Box 17, which shall
be deemed incorporated in this Contract.
In the event of any conflict between the terms and
conditions of the attached voyage charter party and this
Form, the latter shall prevail.

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Subject of Contract
The Charterers undertake to provide for shipment and
the Owners undertake to carry the cargoes as described
in Box 5 from the port(s) or range(s) stated in Box 6 to
the port(s) or range(s) stated in Box 7.

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17 8.
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Total Quantity/Number of Shipments

*)(a) The total quantity to be shipped shall be within
the limits and at the option of the party stated in Box 8.
For the purpose of calculating the total quantity shipped
under this Contract, the intaken quantity for each
shipment shall apply.
*)(b) The number of shipments under this Contract shall
be as stated in Box 8.
*) (a) and (b) are options. Please state applicable option
in Box 8.

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22 9.
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Period of Contract
This Contract is made for the period stated in Box 9.
The first layday for the initial shipment shall not be
before the commencement of the period stated in Box
9. The cancelling date for the final shipment shall not
fall later than the final date of the Contract period stated
in Box 9.

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32 11.
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4.

Quantity per Shipment

The quantity of each and every shipment shall be at
the Owners option within the limits stated in Box 10.

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5.

Final Shipment
The Owners shall not be bound to carry any balance of
the total quantity which would be under the minimum
quantity stated in Box 11.

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6.

Programme of Shipments
(a) Unless otherwise specified in Box 12, the
Charterers programme of shipments shall be fairly
evenly spread over the period of the Contract.
(b) The Charterers shall advise the Owners of their
programme of shipments no later than the number of
days stated in Box 12 before the commencement of
each period as stated in Box 12 giving their preferred
dates for each shipment within the stated period.

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44 13.
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49 14.
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Scheduling/Nomination
(a) The Charterers shall give the Owners the following
Scheduling notices for each shipment:
(i) Provisional Notice
The Charterers shall give the Owners a provisional
notice nominating a spread of laydays of the
number of days stated in Box 12, no later than the
number of days stated in Box 12 before the
opening layday.
(ii) Definite Notice

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1.

2.

10.
3.

12.

7.

The Charterers shall give the Owners a definite

notice narrowing the laydays to the number of
days stated in Box 12, within the original spread
of laydays, no later than the number of days stated
in Box 12 prior to the opening layday.
(b) The Owners shall nominate a vessel or substitute
latest within the number of days stated in Box 12 of the
Charterers definite declaration of laydays.
(c) The actual performing vessel shall be nominated
latest by the number of days stated in Box 12 prior to
the opening layday with estimated time of arrival at the
load port and the approximate quantity of cargo required.
(d) Acceptance of the actual performing vessel shall
be given by the Charterers within 24 hours of nomination
Sundays and holidays excluded, failing receipt of which
the vessel shall be deemed accepted.

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Declaration of Loading Port(s)

Where various loading ports or a range or ranges are
agreed and stated in Box 6, the Charterers shall declare
the definite loading port(s) for each shipment latest on
giving the definite notice as stated in Clause 7(a).

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Declaration of Discharging Port(s)

The Charterers shall declare the discharging port(s) for
each shipment so as not to delay the Vessel and in
sufficient time to permit, if necessary, the preparation
of the discharging plan and adjustment of the vessels
draft and trim.

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Performing Vessels
The Owners shall nominate vessels only of the description stated in Box 13 suitable for the intended trade.

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Cancelling of Shipment
If a shipment is cancelled by virtue of the appropriate
cancelling provisions of the attached charter party, other
than by default, the cancellation applies to that shipment
only and the corresponding quantity of cargo shall be
deducted from the outstanding balance of the total
contracted quantity.

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Freight
For each and every voyage under this Contract, the
freight shall be paid at the applicable rate stated in Box
14 to the party and in the manner indicated in Box 15.
The Charterers shall not be entitled to make any
deductions from the freight unless specifically agreed.

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Demurrage/Despatch Money
Demurrage and, if applicable, despatch money shall
be computed according to the terms of the attached
charter party and settled at the rate(s) stated in Box 16.

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Late Payment of Freight and Demurrage

(a) Interest: Any freight or part thereof received after
the due date shall bear interest at 2 (two) per cent. per
month or pro rata for part of a month.
Demurrage due or any part thereof received later than
15 days after the Charterers receipt of the Owners
documented invoice shall bear interest at the same rate
from the 16th day.
(b) Suspension: As long as any freight, deadfreight or
demurrage due under this Contract is unpaid, the
Owners shall not be obliged to:
(i) nominate further tonnage hereunder;
(ii) send any vessel to the loading port;
(iii) commence loading of any vessel.

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PART II
GENCOA Standard Contract of Affreightment Terms
Time lost thereby to any vessel held ready for loading
or for nomination shall be paid by the Charterers to
the Owners at the applicable demurrage rate. The
Owners right to suspend performance under this
Clause shall be without prejudice to any right to cancel
the Contract.
(c) Cancelling: If the Charterers have failed to pay
freight, deadfreight or demurrage when such freight,
deadfreight or demurrage is due, the Owners may give
notice to the Charterers that unless they pay within 120
running hours (the Grace Period) of receipt of the
Owners notice, the Owners shall be entitled to cancel
the remaining part of this Contract without prejudice to
any other claims the Owners may have against the
Charterers. The right to cancel this Contract on the
expiry of the Grace Period shall be exercised promptly
by written notice from the Owners to the Charterers
stating that the Contract is cancelled with immediate
effect. The receipt by the Owners of a payment from
the Charterers after the Grace Period has expired but
prior to the notice of cancellation shall not be deemed a
waiver of the Owners right to cancel the Contract.
(d) Liability: Whether or not the Owners exercise their
rights under sub-clauses 14(b) or 14(c), no claim
whatsoever that they may have on the Charterers shall
be prejudiced thereby.
(e) Lien: The Owners shall have a lien on all cargoes
carried hereunder for all claims and costs of recovering
same.

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15.

Interruption of Performance
Neither the Owners nor the Charterers shall, except as
otherwise provided in the attached charter party, be
responsible for any loss, damage, delay or failure in
performance hereunder arising or resulting from act of
God, act of war, act of terrorism, seizure under legal
process; quarantine restrictions; strikes; boycotts;
lockouts; riots, civil commotions and arrest or restraint
of princes, rulers or people. Quantities not carried as a
result cannot be demanded to be shipped.

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16.

BIMCO Bunker Price Adjustment Clause

This Contract is concluded on the basis of the bunker
price stated in Box 18(a) for oil of the type and grade
stated in Box 18(b). If the bunker price per metric ton at
the port or place stated in Box 18(c) on the first day of
loading is higher than the figure stated in Box 18(d)(i) or
lower than the figure stated in Box 18(d)(ii), any amount
in excess of such increase or decrease shall be payable
to Owners or Charterers as the case may be.
The agreed bunker consumption for each voyage is as
stated in Box 18(e).

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17.

BIMCO War Cancellation Clause 2004

Either party may cancel this Contract on the outbreak
of war (whether there be a declaration of war or not) (i)
between any two or more of the following countries:
the United States of America; Russia; the United
Kingdom; France; and the Peoples Republic of China,
or, (ii) between two or more of the countries stated in
Box 19.

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18.

BIMCO Dispute Resolution Clause

*)(a) This Contract shall be governed by and construed
in accordance with English law and any dispute arising
out of or in connection with this Contract shall be referred
to arbitration in London in accordance with the
Arbitration Act 1996 or any statutory modification or re-

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enactment thereof save to the extent necessary to give

effect to the provisions of this Clause.
The arbitration shall be conducted in accordance with
the London Maritime Arbitrators Association (LMAA)
Terms current at the time when the arbitration
proceedings are commenced.
The reference shall be to three arbitrators. A party wishing
to refer a dispute to arbitration shall appoint its arbitrator
and send notice of such appointment in writing to the
other party requiring the other party to appoint its own
arbitrator within 14 calendar days of that notice and stating
that it will appoint its arbitrator as sole arbitrator unless
the other party appoints its own arbitrator and gives notice
that it has done so within the 14 days specified. If the
other party does not appoint its own arbitrator and give
notice that it has done so within the 14 days specified,
the party referring a dispute to arbitration may, without
the requirement of any further prior notice to the other
party, appoint its arbitrator as sole arbitrator and shall
advise the other party accordingly. The award of a sole
arbitrator shall be binding on both parties as if he had
been appointed by agreement.
Nothing herein shall prevent the parties agreeing in
writing to vary these provisions to provide for the
appointment of a sole arbitrator.
In cases where neither the claim nor any counterclaim
exceeds the sum of US$50,000 (or such other sum as
the parties may agree) the arbitration shall be conducted
in accordance with the LMAA Small Claims Procedure
current at the time when the arbitration proceedings
are commenced.
*)(b) This Contract shall be governed by and construed
in accordance with Title 9 of the United States Code
and the Maritime Law of the United States and any
dispute arising out of or in connection with this Contract
shall be referred to three persons at New York, one to
be appointed by each of the parties hereto, and the
third by the two so chosen; their decision or that of any
two of them shall be final, and for the purposes of
enforcing any award, judgement may be entered on an
award by any court of competent jurisdiction. The
proceedings shall be conducted in accordance with the
rules of the Society of Maritime Arbitrators, Inc.
In cases where neither the claim nor any counterclaim
exceeds the sum of US$50,000 (or such other sum as
the parties may agree) the arbitration shall be conducted
in accordance with the Shortened Arbitration Procedure
of the Society of Maritime Arbitrators, Inc. current at
the time when the arbitration proceedings are
commenced.
*)(c) This Contract shall be governed by and construed
in accordance with the laws of the place mutually agreed
by the parties and any dispute arising out of or in
connection with this Contract shall be referred to
arbitration at a mutually agreed place, subject to the
procedures applicable there.
(d) Notwithstanding 18(a), 18(b) or 18(c) above, the
parties may agree at any time to refer to mediation any
difference and/or dispute arising out of or in connection
with this Contract.
In the case of a dispute in respect of which arbitration
has been commenced under 18(a), 18(b) or 18(c)
above, the following shall apply:(i) Either party may at any time and from time to time
elect to refer the dispute or part of the dispute to
mediation by service on the other party of a written
notice (the Mediation Notice) calling on the other
party to agree to mediation.

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PART II
GENCOA Standard Contract of Affreightment Terms
(ii)

The other party shall thereupon within 14 calendar

days of receipt of the Mediation Notice confirm that
they agree to mediation, in which case the parties
shall thereafter agree a mediator within a further
14 calendar days, failing which on the application
of either party a mediator will be appointed
promptly by the Arbitration Tribunal (the Tribunal)
or such person as the Tribunal may designate for
that purpose. The mediation shall be conducted
in such place and in accordance with such
procedure and on such terms as the parties may
agree or, in the event of disagreement, as may be
set by the mediator.
(iii) If the other party does not agree to mediate, that
fact may be brought to the attention of the Tribunal
and may be taken into account by the Tribunal
when allocating the costs of the arbitration as
between the parties.
(iv) The mediation shall not affect the right of either
party to seek such relief or take such steps as it
considers necessary to protect its interest.
(v) Either party may advise the Tribunal that they
have agreed to mediation. The arbitration
procedure shall continue during the conduct of
the mediation but the Tribunal may take the
mediation timetable into account when setting the
timetable for steps in the arbitration.
(vi) Unless otherwise agreed or specified in the
mediation terms, each party shall bear its own
costs incurred in the mediation and the parties

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271 19.
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shall share equally the mediators costs and

expenses.
(vii) The mediation process shall be without prejudice
and confidential and no information or documents
disclosed during it shall be revealed to the
Tribunal except to the extent that they are
disclosable under the law and procedure
governing the arbitration.
(Note: The parties should be aware that the mediation
process may not necessarily interrupt time limits.)
(e) If Box 20 in PART I is not appropriately filled in,
sub-clause 18(a) of this Clause shall apply. Sub-clause
18(d) shall apply in all cases.
*) Sub-clauses 18(a), 18(b) and 18(c) are alternatives;
indicate alternative agreed in Box 20.

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Commission
The Owners shall pay commission on freight,
deadfreight and demurrage earned and paid at the
rate indicated and to the party mentioned in Box 21.

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BIMCO Notices Clause

(a) All notices given by either party or their agents
to the other party or their agents in accordance with
the provisions of this Contract shall be in writing.
(b) For the purposes of this Contract, in writing shall
mean any method of legible communication. A notice
may be given by any effective means including, but
not limited to, cable, telex, fax, e-mail, registered or
recorded mail, or by personal service.

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