Time Charter: Speed Claim or Off-Hire Claim? By Dr. Arun Kasi
Dr. Arun Kasi, 4-5 Gray's Inn Square
Every time charterparty will have a speed-consumption warranty, called performance warranty. In tanker trade, the performance warranty will also include a pumping warranty, but we are concerned here with only speed-consumption aspect. The two very popular forms are NYPE (referring to 1946 version) for dry cargo and SHELLTIME 4 (revised 2003) for tanker. Usually, the forms are extensively modified, and rider clauses added. The warranty, in the case of NYPE form, is about the vessel’s performance capability at the time of delivery. In the case of SHELLTIME 4 form, it is a continuing warranty throughout the service.
Click here to view the full article.