Place and date 3. DWT all told on summer load line in metric tons abt. Present position Cl. Expected ready to load abt.
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Gencon first issued in and then revised twice: Once in and one more time in Despite the fact that such revisions were necessary in order for the terms to be updated in line with the standard shipping practices, each revision also included a few changes which, in fact, amended the rights and responsibilities of the parties, creating a dispute between the Owners and Charterers on which form is fairer.
Due to this same reason, Owners usually prefer to go with the Gencon 94 form. Therefore, which of the two charter parties will be used is usually a point of negotiation between the parties. Since the Gencon 76 and the Gencon 94 are the most used forms, here, we will focus on these two versions and will discuss the terms that make Charterers and Owners have a strong preference of one form over the other.
Gencon 94 vs Gencon 76 — Differences in Part I Since the Gencon 94 is a revision of Gencon 76, in order to see their differences one needs to focus on the amendments incorporated with the revision. Payment of freight clause 4 has been amended as well, so as to include also the option of prepayment payment upon shipment instead of payment on delivery only which was included in the Gencon Another clause which is extended in Gencon 94 is the lien clause which now includes also the lien on sub-freights to cover the cases the vessel is sub-chartererd.
The canceling clause clause 9 of Gencon 94 or clause 10 of Gencon 76 is also updated in order to give Owners the right to ask for extension of laycan if the vessel delays and avoid a long ballast leg out of the laycan.
General average clause has also been updated to include the place of GA adjustment London unless otherwise agreed and basis the updated York-Antwerp Rules With this change, the clause is less wide and the chances for a strike or lock-out to fall within this generic exclusion are definitely less than in Gencon Finally, the War Risks clause has been updated with the standard Voywar Whilst some completely new clauses have been incorporated into the Gencon 94, only one clause of Gencon 76 has been deleted, i.
Clause 12 Indemnity. Get the latest updates first. Therefore, Charterers are now ultimately responsible for loading, stowing, trimming and discharge of the cargo. From payment upon delivery to payment upon shipment Prepayment of freight is incorporated in Gencon Along with the payment of freight upon delivery, which existed in previous revisions, are the two payment options which apply in Gencon On the other hand, Charterers would definitely prefer payment closest to the delivery of the cargo rather than upon its shipment as it is the case in Gencon Nonpayment of demurrage clause Another problem which owners usually face is the delayed payment or the nonpayment of demurrage claims.
Under English law the timely payment of demurrage is not always considered as an essential part of the charter party.
Therefore, without any specific clause in place, if demurrage was not paid after proper notices had been given, owners ran the risk of not being able to recover their money. This wording was not included in Gencon 76 and gives some defense to Owners in case something goes wrong with the bill of lading holder. Indemnity clause of Gencon 76 is removed Clause 12 of Gencon 76 limits the indemnity for non performance of the charter party up to the amount of estimated freight. Gencon 94 removes any such limitation and the parties can claim any and all damages they may have.
Why Gencon is the most famous voyage charter party? As mentioned earlier, Gencon is the most used voyage charter party worldwide. This happens for a variety of reasons such as the following: a It is produced by BIMCO who is a well established international organization. The survey showed that Gencon 94 is, by far, used more regularly than any other form. It will be much faster, convenient and will avoid manual typing errors or omissions.
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GENCON Charter Party