
Wole Olufunwa Director (Partner)
Blockchain: Bills of Lading & Official Documents
Carriers, charterers, traders and shippers commonly experience the issue of original bills of lading arriving late at a port of discharge, thereby depriving the lawful holder or consignee of timely taking delivery of the cargo. This may delay cargo operations, lead to incurrence of demurrage or detention fees, directly or indirectly contribute to port congestion and/or the incurrence of port costs and expenses.
Over the years, the shipping industry has developed ways of addressing this issue. In particular, the consignee and/or charterers can issue a Letter of Indemnity (“LOI”) for the benefit of the carrier for the purpose of procuring the early release of the cargo without the need to tender an original bill of lading. The effect of this is to provide the carrier with a form of security against claims it may face as a consequence of releasing the cargo without insisting on the provision of original bills of lading.
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10-08-2022 / Maritime
Kirkwood v. Thélem Assurances [2022] CSOH 53 A recent Outer House Opinion has provided welcome clarity on the recovery of English solicitors’ fees in the Scottish Courts.
02-08-2022 / Maritime
Sea Master Special Maritime Enterprise & another v. Arab Bank (Switzerland) Ltd (Sea Master) [2022] EWHC 1953 (Comm) This bill of lading dispute raised issues as to whether the Bank financing the purchase of a cargo, and the holder of a switch bill of lading for the cargo, was a party to the arbitration agreement incorporated into the switch bill and, if so, whether certain counterclaims brought by the Owners came within the scope of that arbitration agreement. The Court agreed with the tribunal’s findings that, once the Court had decided that the Bank was a party to the arbitration agreement, then the counterclaims for reasonable remuneration and quantum meruit came within the ambit of the arbitration agreement, being claims “arising out of or in connection” with the bill of lading contract.
20-07-2022 / Maritime
MV Pacific Pearl Co Ltd v. Osios David Shipping Inc (Panamax Alexander) [2022] EWCA Civ 798 The Court of Appeal has confirmed that a party to ASG 2, the standard form Collision Jurisdiction Agreement, is obliged to accept reasonable security once it is offered and cannot choose to refuse that security and seek alternative or better security by arresting a ship. In such circumstances, there is no right to an arrest or any justification for it.
15-07-2022 / Maritime
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13-07-2022 / Maritime
NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm) The Court has construed a force majeure clause and considered whether Buyers validly terminated a contract for the sale of a vessel on the basis that Covid-19 lockdown restrictions prevented Sellers from transferring title in the Vessel.
20-06-2022 / Maritime
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