In response to industry demand and to counter the circulation of potentially onerous "home-made" radiation clauses, BIMCO has developed and published a Radioactivity Risk Clause for Time Charter Parties. The clause was developed in close consultation with BIMCO's Documentary Committee, which gave its approval to the wording.
The objective of the radioactivity risk clause is to provide a measured response to the current situation in north-east Japan (Fukushima) and to clarify where the parties to a time charter stand contractually in respect of trading to areas which may potentially place the vessel, crew and cargo at risk of exposure to high levels of radiation.
The clause aims to provide a balanced contractual solution that addresses the potential risk of exposure to high levels of radioactivity based on thresholds established by competent authorities.