LONDON : BIMCO members are invited to provide their views on the new standard contract of affreightment – GENCOA.
Contracts of affreightments (“COAs”) are important tools for the shipping industry and often represent transactions worth millions of USD. To provide the industry with a standard which can be used as basis for negotiations and which aims to reduce legal costs when drafting, we have developed a new COA which comes in two forms
GENCOA A is a frame agreement to be used with a voyage charter party and GENCOA B is an “all in one” contract.
The two forms are at an advanced stage of development but before we publish them we would like to consult with the industry. We invite you to share your views.
Comments received by Monday 10 January 2022 will help shape the new GENCOA forms