Background This dispute arose out of a contract for the sale and purchase of fuel oil on FOB Ventspils, Lativa terms between Septo Trading Inc. as Buyer and Tintrade Limited as Seller. The sale contract was evidenced by a trade recap which incorporated the BP general terms & conditions for sales and purchases of Petroleum … Continue Reading
Recently, Lloyd’s Maritime Law Newsletter reported on a recent arbitration award in which Reed Smith acted, regarding the requirements for notice under the 1996 Inter-Club Agreement (ICA), as amended in 2011. The decision concerned a notice that, on the face of it, bore no resemblance to a usual ICA notice as it: a) was given … Continue Reading
Summary The claimant was named as shipper on a bill of lading for a consignment of cargo on the MV Nortrader, despite not being a party to the contract of carriage. The defendant, the owner of the vessel, suffered losses after a cargo explosion occurred on board the vessel shortly after the cargo had been … Continue Reading
In an alert last year, we looked at payment obligations under English law and how payment instruments commonly referred to as ‘guarantees’ may be misleading. This is despite their being crucial components to security in a commercial context. The recent decision of the English Commercial court, Shanghai Shipyard Co Ltd. v. Reignwood International Investment (Group) Company [2020] EWHC … Continue Reading
CITGO Asphalt Refining Co. et al. v. Frescati Shipping Co., Ltd. et al. On March 30, 2020, the U.S. Supreme Court held that “the plain language of the parties’ safe-berth clause establishes a warranty of safety.” The decision brings U.S. law into alignment with the long-standing position under English law, as established by Leeds Shipping … Continue Reading
