To understand how templates that form the basis of shipping charter contracts have a way of sticking around, just look at the NYPE produced by the long-defunct New York Produce Exchange.

With the first version published in 1913, the template remains widely used for charterparties in the dry bulk sector long after the dissolution of the commodities exchange.

And even though industry groups have published updates to the NYPE contract’s terms since the produce exchange was liquidated in 1983, that does not mean the amendments are always used.