The Agreement was developed jointly with The Baltic and International Maritime Council ('BIMCO') and ensures maximum neutrality between container owner and user. BIMCO is the largest international shipping association - with their membership representing 60% of the world cargo fleet. They provide many key contracts and clauses with regards to shipping.
The agreement is important as it regulates many key factors such as: how per diem charges are calculated, who is liable for the condition of the equipment, who pays depot handling fees (= the container owner) and what happens in case of disputes.
All xChange lease members can add their preferred standard terms (e.g. per diems for specific container types) onto the agreement before signing. These terms will then be pre-filled into every request on xChange--but of course they can be negotiated on a deal-by-deal basis.