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INCOTERMS in the short form for International Commercial Terms. It is the Trademark of International Chamber of Commerce. The Incoterms rules are an internationally recognized standard and are used worldwide in international and domestic contracts for the sale of goods. There are thirteen Incoterms, and they are divided into four groups. Group E: Departure Term…
VESSEL INSURANCE COVERAGE Company vessels are covered by several types of marine insurance policies, including Hull and Machinery – which cover the loss of or damage to the vessels’ Hull and Machinery, and Protection and Indemnity (P&I) – which covers the Owner’s legal liability for loses or damages allegedly sustained by third parties. There is…
All Class Record files, including Enhanced Survey files, where applicable, must be kept in safe custody of Master. The vessel shall have ‘Quarterly Listing’ issued by the Class within last 3 months from the current date which indicates: 1) Status of all certificates. 2) Status of all surveys. 3) Surveys credited since previous list. 4)…
The Carriage of Goods by Sea Act (“COGSA”) defines the basic relationship—duties, liabilities, rights, and immunities—between ocean carrier and cargo owner. COGSA was passed in the United States in 1936 and its enactment was the result of various concerns by Congress. In the early nineteenth century, carriers were strictly liable for cargo damage, with only…
Contents of the Plan The ISM Code, supported by the IMO Resolution MSC.428(98), requires ship owners and managers to assess cyber risk and implement relevant measures across all functions of their safety management system, until the first Document of Compliance after 1 January 2021. In combination with the resolution, the IMO also released Guidelines on…
Checks to be made before singing bills of lading Description & Condition of Cargo The Master must satisfy himself that the description of the cargo contained in the B/L is accurate, and complies with the description of that given in the charterparty or voyage orders. He should also ensure that, if any part of the…
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SOLAS regulation V/34. 1 makes it illegal for a person to compromise the master’s discretion in decision-making. It provides as follows: “The owner, the charterer, the company operating the ship as defined in regulation IX/1, or any other person shall not prevent or restrict the master of the ship from taking or executing any decision…
Articles of agreement for employment of seafarer Contractual clauses/terms and conditions Article of agreement is required by every flag. Indian flag requirements on AOA are given in ms act. Foreign flag also have article of agreement to be signed onboard when u join a ship. AOA is separate from SEA. SEA is a ILO (MLC)…
LOI (Letter of Idemnity) The practice of discharging the cargo against a LOI (Letter of indemnity) is so common specially in tanker trade that this can trick masters. Masters must ensure that direct request from charterers/shipper to discharge the cargo against such LOI should not be considered. Master must receive such instructions from the ship…
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World Scale Average Freight Rate Assessment (AFRA)