XXXXXXX 98. Standard Ship Management Agreement
XXXXXXX 98. Standard Ship Management Agreement Agreement, and against and in respect of all costs, losses, damages and expenses (including legal costs and expenses on a full indemnity basis) which the Managers may suffer or incur (either directly or indirectly) in the course of the performance of this Agreement.
XXXXXXX 98. Standard Ship Management Agreement on the anniversary date of the Agreement and the proposed 251 Management Services. 317 fee shall be presented in the annual budget referred to in sub- 252
Examples of XXXXXXX 98 in a sentence
The importance of XXXXXXX 98 as a standard agreement for third-party ship management cannot be underestimated.
The XXXXXXX 98 form prepared by BIMCO is a good example of ship management agreements.
More Definitions of XXXXXXX 98
XXXXXXX 98. Standard Ship Management Agreement acting as agent or trustee on behalf of and for the benefit of all 384 with immediate effect by notice in writing if any moneys 443 persons who are or might be their servants or agents from time 385 payable by the Owners under this Agreement and/or the 444 to time (including sub-contractors as aforesaid) and all such 386 owners of any associated vessel, details of which are listed 445 persons shall to this extent be or be deemed to be parties to this 387 in Annex “D”, shall not have been received in the Managers’ 446 Agreement. 388 nominated account within ten running days of receipt by 447 the Owners of the Managers written request or if the Vessel 448 12. Documentation 389 is repossessed by the Mortgagees. 449 Where the Managers are providing Technical Management in 390 (ii) If the Owners: 450 accordance with sub-clause 3.2 and/or Crew Management in 391 (a) fail to meet their obligations under sub-clauses 5.2 451 accordance with sub-clause 3.1, they shall make available, 392 and 5.3 of this Agreement for any reason within their 452 upon Owners’ request, all documentation and records related 393 control, or 453 to the Safety Management System (SMS) and/or the Crew 394 (b) proceed with the employment of or continue to employ 454 which the Owners need in order to demonstrate compliance 395 the Vessel in the carriage of contraband, blockade 455 with the ISM Code and STCW95 or to defend a claim against 396 running, or in an unlawful trade, or on a voyage which 456 a third party. 397 in the reasonable opinion of the Managers is unduly 457 hazardous or improper, 458
XXXXXXX 98. Standard Ship Management Agreement current at the time when the arbitration proceedings are 511 19.3 This Agreement shall be governed by and construed 554 commenced. 512 in accordance with the laws of the place mutually agreed by 555 The reference shall be to three arbitrators. A party wishing 513 the parties and any dispute arising out of or in connection 556 to refer a dispute to arbitration shall appoint its arbitrator 514 with this Agreement shall be referred to arbitration at a 557 and send notice of such appointment in writing to the other 515 mutually agreed place, subject to the procedures applicable 558 party requiring the other party to appoint its own arbitrator 516 there. 559 within 14 calendar days of that notice and stating that it will 517 19.4 If Box 18 in Part I is not appropriately filled in, sub- 560 appoint its arbitrator as sole arbitrator unless the other party 518 clause 19.1 of this Clause shall apply. 561 appoints its own arbitrator and gives notice that it has done 519 so within the 14 days specified. If the other party does not 520 Note: 19.1, 19.2 and 19.3 are alternatives; indicate 562 appoint its own arbitrator and give notice that it has done so 521 alternative agreed in Box 18. 563 within the 14 days specified, the party referring a dispute to 522 arbitration may, without the requirement of any further prior 523 20. Notices 564 notice to the other party, appoint its arbitrator as sole 524 20.1 Any notice to be given by either party to the other 565 arbitrator and shall advise the other party accordingly. The 525 party shall be in writing and may be sent by fax, telex, 566 award of a sole arbitrator shall be binding on both parties 526 registered or recorded mail or by personal service followed by a 567 as if he had been appointed by agreement. 527 copy by e-mail. Nothing herein shall prevent the parties agreeing in writing 528 20.2 The address of the Parties for service of such 568 to vary these provisions to provide for the appointment of a 529 communication shall be as stated in Boxes 19 and 20, 569 sole arbitrator. 530 respectively. 570 In cases where neither the claim nor any counterclaim 531 exceeds the sum of USD50,000 (or such other sum as the 532 21. BIMCO MLC Clause for XXXXXXX 98 parties may agree) the arbitration shall be conducted in 533 For purposes of this Clause: accordance with the LMAA Small Claims Procedure current 534
XXXXXXX 98. Standard Ship Management Agreement In cases where neither the claim nor any counterclaim exceeds the sum of USD 50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced.
XXXXXXX 98. Standard Ship Management Agreement scope in the course of performance of the Management Services UNLESS same is proved to have resulted solely from the negligence, gross negligence or wilful default of the Managers or their employees, or agents or sub-contractors employed by them in connection with the Vessel, in which case (save where loss, damage, delay or expense has resulted from the Managers’ personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Managers’ liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten times the annual management fee payable hereunder.
XXXXXXX 98. Standard Ship Management Agreement on the anniversary date of the Agreement and the proposed fee shall be presented in the annual budget referred to in sub-clause 9.1.