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Maritime Law/ Charter Parties - Essay Example

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Maritime Law/ Charter Parties (The Question is written at Assignment Criteria Part) Introduction: The Law of International Trade interprets the exchange of commodities, resources, and service, crossing the boundaries of nations on regions. The concept of foreign exchange obtained its primary momentum from the trade rebellion in the late 19 century…
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Maritime Law/ Charter Parties
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Download file to see previous pages My duty is to give an advice about the Paramount Clause, and differences among them. “There are several standard agreements, such as box time, or New York Produce Exchange (NYPE). Box time is favored more than NYPE, which dates to the 1920s and contains archaic language”3 Time Charter Parties: According to the provisions stated in “the unaltered Time Charter Party Outlines, it is the Charterer (rather than the possessor) who is primarily in charge of loading, storing, and discharging the load. Nevertheless, the Master is always entitled to supervise those operations and there may be certain situations where responsibility shifts back to owners”4 In contrast, not odd for Charter parties to alter to make the master responsible for storing, loading, and finally discharging procedure and, in those cases, the liability is reassigned, even where the stevedores are occupied by the Charterer. “At the close of the 19 C, the United States Congress enacted the Harter Act, 46 U.S.C. §190, et seq. ...
For Chartering out any of the ships by shipping and trading organizations, BPCL, empanelled dealers registered with BPCL, and oil majors, will be intimated on the list of all positions, cargo grades, trading part, laycan etc. Negotiations in the business reveal that, “Based on the offers received, BPCL may carry out negotiation with the best offer. On successful completion of the negotiations the vessel shall be given on subjects to the charterer for their approval”6 Paramount Clauses: Clause Paramount is one of the most significant provisions under the Maritime law. “This typically incorporates the Carriage of Goods by Sea Act ((46 U.S.C.A. § 1300) into the charter”7 Clause paramount is a necessary provision which must be integrated in any bill of lading along with the federal law. Both time and voyage charters frequently consist of a “Clause Paramount” either in the written form or in the diversity of typed clauses which are often found at the last part of charters. The impact of such insertion can be dramatic because: 1) It will normally include the provisos of The Hague or Hague-Visby Rules (Article III Rule 8). 2) It is significant to ascertain whether the Paramount Clause is planned to integrate the Hague , Hague-Visby or other version of the Rules for example the US COGSA 1936 The declaration under this clause offers that such a bill prescribed in the clause is subject to the provisos of “the Carriage of Goods by Sea Act (46 U.S.C.A. § 1300 et seq. [1936]),” and that”8 the national legislation manages the rights, duties, and legal responsibilities arising out of the association of issuer to holder of the sea bill of lading, ...Download file to see next pagesRead More
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