International Contracts for Import of Fertilisers - The Fertiliser ...

2/3/2012
Elements of Charter Party
• Vessel owner and charterer
• Description of vessels, Voyage, etc.
• Laycan – Period during which ship is required to
reach the load port
• NOR
• Freight
• Cargo
• Name of the Ports – loading/discharging
• Demurrage/Despatch Rate
• Exclusion/inclusion – SHEX/SHINC
Charter Party (Contd.)
• Loading and discharging rates/terms
• Laytime – time allowed by the owners to
the charterers for completing cargo
operations without extra payment
• Force Majeure
• Arbitration
CARGO INSURANCE
• Marine insurance protection to damage or loss
of goods (and not for payment or exchange risk)
• Two reasons : Legal dimension and commercial
dimension
• Legal dimension – goods in custody of different
people at different stages
• Commercial dimension – since goods and
payments exchanged through documents, both
buyer and seller have risk at some point
Insurance (Contd.)
• Loss covered in the policy as a result of various
perils to be defined
• “Causa Proxima” means the active, efficient, cause
that sets in motion a train of events which brings
about a result, without the intervention of any force
started and working actively from a new and
independent source” e.g. theft/pilferage but loss due
to unworthy packing
• Kinds of Perils : Maritime perils
: Extraneous Perils
: War Perils
: Strike Perils
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