This masterclass examines commodity sale as a whole. The close links between the sale contract, the insurance contract and the carriage contract will be examined to see why and how the various documents interrelate.
This BIMCO masterclass examines commodity sale as a whole. It requires that the parties enter an international contract of sea carriage, which is heavily influenced by the sale contract. The documents demanded from the ship and cargo underwriters must satisfy the requirements of the sale contract, and carriers and traders need to understand how the various aspects of the overall arrangement inter-relate since their expectations and requirements are influenced by the expectations and requirements of the other parties.
The close links between the sale contract, the insurance contract and the carriage contract will be examined in presentations and case studies to see why and how the various documents which are customarily issued interrelate. Each aspect of the arrangement such as the cargo sale, the cargo insurance and the carriage contracts will be considered both separately and in relation to the other relevant aspects:
- principles and common forms of commodity sale contracts
- the relationship between the sale, insurance and carriage contracts
- principles of cargo and liability insurance
- the shipowners' versus the charterers' duties
- forms of contracts of carriage
- the relevance of compulsory international conventions
- the bill of lading as a receipt, evidence of contract of carriage and document of title
- the transfer of rights and obligations between holders of the bill of lading
- letters of indemnity (LOI).
Who should attend
All staff in operations and chartering as well as traders, importers/exporters, port agents and brokers looking for a content specific course and wide-ranging overview of the chartering field, and the mechanisms driving the market. It is also well suited for finance, accountants and legal consultants who wish to broaden their knowledge base.