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New York Produce Exchange form (NYPE)

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New York Produce Exchange form (NYPE).This standard form time charterparty was approved by the New York Produce Exchange when it was first published in 1913.

Amendments were made in 1921, 1931 and 1946. The last amended form of the charterparty is still current, perhaps because shipping people are familiar with it. However, in 1981, the Association of Shipbrokers and Agents (U.S.A.) ("ASBA") adapted the NYPE form to publish "ASBATIME", which seems fairer to both charterers and shipowners. The original NYPE form was approved by an organisation mainly representing American shippers and charterers. NYPE is still commonly, used although shipping people insert many "rider clauses" resulting from negotiations. This results in NYPE being used simply as a "vehicle" for the real intended terms of the charter. If there is any conflict, the rider clauses may prevail over the printed clauses. Therefore the original purpose of the charterparty may be reduced.

 

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