ITIC’s Terms and Conditions for Shipbrokers
Historically shipbrokers have been one of the only marine professionals not to use standard terms and conditions when contracting. However this practice has been changing. Over the last couple of years individual broking companies, including some of the biggest, have begun to use their own terms and conditions. ITIC has encouraged this development and assisted with the drafting process.
In order to widen the use of terms and conditions and as a service to all its shipbroker members ITIC is publishing a sample wording - ITIC’s Terms and Conditions for Shipbrokers - which members can adapt to the needs of their individual businesses.
ITIC’s Terms and Conditions for Shipbrokers reflect a trend in all spheres of business towards recording relationships in writing. The terms and conditions set out the services provided by the broker and also cover the need to comply with sanctions, bribery, money laundering and other legislation. The broker’s obligations to act with appropriate skill, speed and within the authority he is given are also included. Other clauses deal with obligations of confidentiality and post fixture communications.
ITIC’s Terms and Conditions for Shipbrokers and a guide on how to use them in your business are available on our website.