NYPE 2015: wholesale reform or an invitation to cherry-pick?
NYPE 2015: wholesale reform or an invitation to cherry-pick?
The New York Produce Exchange (NYPE) form is said to be the most widely used dry-cargo time charterparty form in the world. Twenty-two years after its last revision, in 2015 it was extensively revised. Such is the bizarre nature of the industry, however, that the form in current widespread use is not its immediate predecessor, a form well suited to the needs of modern commerce, but NYPE 1946, which is not (except by being heavily amended). So the new form is really intended to replace not a two-, but a seven-decade old form; it is only natural to speculate whether it will succeed, when both 1981 and 1993 revisions largely failed. But, even if NYPE 2015 fails in its entirety, there are interesting new clauses which might be used, even if the form as a whole is not. The new form in practice therefore presents alternatives: wholesale reform or an invitation to cherry-pick.
306-319
Todd, Paul
ccd4b3f3-16ae-474f-90ac-bba7d8bba9fc
May 2016
Todd, Paul
ccd4b3f3-16ae-474f-90ac-bba7d8bba9fc
Todd, Paul
(2016)
NYPE 2015: wholesale reform or an invitation to cherry-pick?
Lloyd's Maritime & Commercial Law Quarterly, 2016 (May), .
Abstract
The New York Produce Exchange (NYPE) form is said to be the most widely used dry-cargo time charterparty form in the world. Twenty-two years after its last revision, in 2015 it was extensively revised. Such is the bizarre nature of the industry, however, that the form in current widespread use is not its immediate predecessor, a form well suited to the needs of modern commerce, but NYPE 1946, which is not (except by being heavily amended). So the new form is really intended to replace not a two-, but a seven-decade old form; it is only natural to speculate whether it will succeed, when both 1981 and 1993 revisions largely failed. But, even if NYPE 2015 fails in its entirety, there are interesting new clauses which might be used, even if the form as a whole is not. The new form in practice therefore presents alternatives: wholesale reform or an invitation to cherry-pick.
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Todd LMCLQ_2016_Part 2.pdf
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Accepted/In Press date: 31 January 2016
Published date: May 2016
Organisations:
Southampton Law School
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Local EPrints ID: 389633
URI: http://eprints.soton.ac.uk/id/eprint/389633
ISSN: 0306-2945
PURE UUID: 11d0f0f6-783a-4790-9a6c-1e8d4ca7e8aa
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Date deposited: 11 Mar 2016 16:37
Last modified: 15 Mar 2024 05:25
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