Supplytime is the benchmark for offshore support vessel agreements – and the industry’s contract of choice. It has also been widely adopted by other sectors looking for a contract offering a comprehensive knock-for-knock framework. This PetroKnowledge training course will assist you in identifying how the form works when being used for a wide variety of tasks, thereby helping you to understand and explain your own risks and exposure.
The Maritime and Offshore Oil and Gas industry depends on Offshore Supply Vessels (OSV) for their offshore operations relating to a number of marine activities. BIMCO Supplytime 2005 and 2017 is the benchmark for Offshore Support Vessel (OSV) agreements – and the industry’s contract of choice. These need to be negotiated bearing in mind both the operational and commercial nature of the work they undertake. Parties to an OSV Chartering contract must identify the key issues and amend standard form contracts to address their concerns if necessary.
This training course will be a “how to” guide for handling OSV Charter Party contracting and OSV management. Participants of this training course will examine contract clauses in relation to the relevant legal, commercial, and operational considerations and identify the problematic issues and learn how to negotiate and draft contracts that can avoid or mitigate these problems. The key take away from this course will be how to deal with counterparty risk, insurance and liability issues and overall mitigation of risk exposure with carefully crafted clauses in a chartering contract.
This training course will highlight:
- How does the Supplytime contract works across different segments of the offshore, maritime and energy sector?
- What are the other uses of Supplytime for OSV/AHTS
- Key clauses and the changes from Supplytime 2005 to 2017
- Conditions, maintenance and removal of equipment
- Insurance and Knock for knock clauses – a practical guide
- How to work with rider clauses