1. to the holder of the BL

1.     
BL

·        
Bearer bill of lading: it guarantees delivery of the goods to the holder
of the BL

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·        
Liner: B/L used for containerized business

·        
Claused: for goods that have not yet been shipped in apparent  good condition

·        
Charterer: BL that included  the
terms of the CP

2.     
Indemnity

This is a request to a
party do something that they have no contractual obligation to do. In return,
the party who does the request will fully indemnify and hold harmless in any
consequences of such action. For example, a letter of indemnity is often used
to discharge goods without production of B/L (frequent in short voyage)

3.     
P&I

P&I Club is a
mutual insurance organisation. It provides cover for risks that traditional
insurers are reluctant to insure. Such cover may include a carrier’s
third-party risks for damage caused to cargo during voyage, environmental
damage such as oil spills and pollution, but also war risk.

4.     
Way bill

It is a document
issued by a carrier and related to the shipment of consigned goods. It
identifies origin, destination, and consignee and describes the goods and the
weight of goods.

5.     
Incoterms

Incoterms are
published by the International Chamber of Commerce (ICC) relating to
international commercial law such as Lex Mercatoria. Gafta contract are
governed by English Law. It is a different jurisdiction, hence GAFTA do not
included Incoterms.

6.     
Clause Paramount

It is a clause that is
used to overwrite other clause. For instance, The Hague Rules and Hague Visby
Rules do not apply by law to charter parties. And they may be incorporated in
Charter Party via a clause Paramount.

7.     
Freezing order

To use the clause also
called the Mareva injunction, the party would need to prove that there is a
there is a serious risk that the other party will make its assets out of reach.
The use of the clause may vary with the jurisdiction. It is limited to the
value of the claim and eventually legal costs.

8.     
Laytime

Circumstances will be
in the laytime clause itself and could be such as:

·        
Weather working day ie a bad weather would interrupt laytime

·        
Days such as Saturday and Sunday, would also interrupt (SSHEX for
instance)

Other circumstances,
more exceptional could be for example:

·        
Strike

·        
Holidays

·        
Obstructions

9.     
Default

It is a mechanism that
enables the parties to deal with default from the other party such as an
anticipatory repudiatory breach, a failure or a refusal to perform. The aim of
the clause is not to punish the defaulting party but to compensate the innocent
party for the non-performance of the guilty party.

10.  CP frustration

Courts will take into
account whether an unforeseen event, occurred after contract that makes the
performance under the CP impossible to perform. The conditions are as follow:

·        
Events must only occur after the contract

·        
It will not occur at all where contract makes express provision
(prohibition, strike etc…)

·        
It also requires that a radical change occurred in the nature of the
obligations under the CP

Such a situation
usually only arise in very limited circumstances. Also, the Law Reform
(Frustrated Contracts -1943) may come into play in order to reduce the
possibility that one party use the frustrating event to its advantage.