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On 31 May, the United Nations Security Council unanimously adopted a text which condemned that pirate networks are jeopardising the safety and security of seafarers and restricting the flow of commerce in the Gulf of Guinea.
The BIMCO Average Bond Clause 2007 has been updated. The main change is in the final paragraph where the shorter limitation period previously applicable to adjustments arising under the York Antwerp Rules 2004 no longer applies. As a result, in all cases rights to claim under the clause have been brought into line with the six-year limitation period under English law. A number of minor editorial improvements have also been made. The clause is for use only in contracts of carriage where General Average is to be adjusted, stated and settled according to the York-Antwerp Rules 1994. If the York-Antwerp Rules 2016 apply to the underlying contract, the BIMCO Average Bond Clause 2018 must be used. This clause was originally published in June 2005, amended in October 2007, 2017 and 2018.
The BIMCO Average Bond Clause 2017 has been updated. The main change is in the final paragraph where the shorter limitation period previously applicable to adjustments arising under the York Antwerp Rules 2004 no longer applies. As a result, in all cases rights to claim under the clause have been brought into line with the six-year limitation period under English law. A number of minor editorial improvements have also been made. The clause is for use only in contracts of carriage where General Average is to be adjusted, stated and settled according to the York-Antwerp Rules 2016. If the York-Antwerp Rules 1994 apply to the underlying contract, the BIMCO Average Bond Clause 2007 must be used. This clause was originally published in June 2005, amended in October 2007, 2017 and 2018.
Linos Choo focuses on general commercial litigation and arbitration with particular emphasis on shipping, commodities, and international trade finance. He has concluded many successful arbitrations under the auspices of the ICC, UNCITRAL, LCIA, LMAA, FOSFA, GAFTA, CIETAC, and SCMA amongst others. Linos' experience includes complex charterparty, bills of lading, ship sale and purchase, shipbuilding, ship finance, marine insurance, international sale of goods, and maritime cross-border insolvency litigation and arbitration. Linos also has experience in the areas offshore floating production and storage, logistics, ports, and infrastructure. In the sphere of international trade, Linos frequently advises banks involved in the finance of international trade on complex issues concerning payment obligations and bank-to-bank reimbursements under letters of credit, demand guarantees, performance bonds, standby credits, and forfeiting. Linos is also regularly instructed in the fields of commodities, banking and financial services litigation and regulation, civil fraud, asset tracing, and professional negligence.