UP CLOSE: ConocoPhillips 2009 Marine Provisions

ConocoPhillips recently issued Marine Provisions for incorporation in commercial sales contracts which became effective January 1, 2009, superseding the September 1, 2008 Marine Provisions and January 1, 2005 Marine Provisions. Whether the seller is the Terminal Party (the party taking delivery from, or making delivery to, a Vessel); or the Vessel Party (the party, in agreement responsible for, taking delivery on, or making delivery from, a Vessel), ConocoPhillips’ new marine provisions are intended to be equitable and are clear when defining the respective parties’ responsibilities and liabilities. This being said, there are a number of intricacies within the provisions. From the perspective of a demurrage analyst, we find the following to be some of the items of note.
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