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It can also apply to contracts of carriage authorised under such charterparties. Our Club, in common with the other Group clubs is issuing a circular to inform Members of this change. Under this new provision once one of the parties to a charterparty has put up security in respect of a cargo claim, provided the time limits set out in clause 6 of the agreement have been complied with, there is an entitlement to security on the basis of reciprocity.
As the new agreement takes effect from 1st September , we recommend its incorporation into all NYPE and Asbatime charterparties going forward. If you need to call our offices out of hours and at weekends, click After Office hours for a up to date list of the names of the Duty Executives and their mobile phone numbers. This Ship Finder is updated on a daily basis.
Members who need to advise the Club of updates to their recorded ships' details should advise their usual underwriting contact. Thomas Miller Group Website. Emergency Contacts. Menu Search. Site search Search keyword s : Search. Inter-Club Agreement as amended 1 September Ship Finder. Web design agency - Liquid Light. You are currently offline. Some pages or content may fail to load.
Inter-Club Agreement (as amended 1 September 2011)
Owners and operators should review the wording of their existing charterparties after a recent LMAA arbitration tribunal found that the Inter-Club Agreement in its entirety was not properly incorporated in an NYPE charterparty. The owners requested counter-security from their charterers for a claim they secured toward head owners, under Clause 9 of the Inter-Club Agreement ICA. The charterers refused to provide security to owners on the basis that the wording of the charterparty clause restricted the application of the ICA to address only liability , apportionment and settlement of cargo claims, not provision of security. The purpose of the ICA is to encourage reasonable settlement and save costs by avoiding expensive legal disputes when dealing with cargo claims. The tribunal in this case considered that the decision did not undermine the intent of the ICA because the main purpose, swift apportionment of liability for cargo claims, was not affected. However, one of the main purposes of the ICA revision was to ensure the parties to a cargo claim would be able to secure themselves against their contractual counterparts without unnecessary difficulty.
Inter-Club Agreement: the Right to Counter Security
The charterparties between Head Owners, Disponent Owners and Charterers were said to have been on essentially back-to-back terms. Each charter read:. Following a threat of arrest, the Club for Head Owners provided security in the form of a letter of undertaking. The Head Owners demanded that Disponent Owners provide counter-security pursuant to clause 9 of the ICA which they considered to be incorporated into the charterparty.
Incorporation of 2011 Inter-Club Agreement in charterparties
However, a recent London arbitration finding has given the International Group cause for concern, with the tribunal finding that the charterparty clause only incorporated the liability provisions of the ICA and not the requirement to provide security as contained in clause 9 of the Agreement. As a result, the International Group has amended the recommended Charterparty clause wording issued in in order to take account of this recent finding and to encompass the Agreement requirement for security to be provided. The amended clause for recommendation is as follows:. This clause shall take precedence over any other clause or clauses in this charterparty purporting to incorporate any other version of the Inter-Club New York Produce Exchange Agreement into this charterparty". IG Circular.