I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
Here are some terms useful in maritime commerce, transportation and insurance law.
Charter Party
An agreement where the ship is let to the charterer by the shipowner. There are 3 kinds:
1.) Bareboat/demise charter
The charterer provides his own captain and crew. He may also employ the shipowner's own captain and crew but they will be under the orders of the charterer's employees and agents. The charterer becomes pro hac vice owner of the vessel and assumes the shipowner's liabilities and rights as far as third parties are concerned.
2.) Voyage/time charter
The captain and crew are under the shipowner's employ. The ship carries the charterer's cargo for one particular voyage or series of voyages.
3.) Time charter
The charterer uses the vessel for a certain period of time for one or several specific voyages. The captain and crew are employees of the shipowner.
Loan on Bottomry
This is a loan where the ship itself is given as a collateral and payable only if the ship completes the agreed voyage safely. If the ship is lost at sea, the owner doesn't have to pay but he won't be indemnified for the loss.
The interest rate is higher than usual because of the risk of not recovering anything. The shipowner's insurable interest hypothecated by bottomry is the excess of its value over the amount that was secured by the bottomry. Check this related article out.
Loan on Respondentia
This is a loan where the ship's cargo, not the ship itself, becomes the collateral.
Averages
This is a collection of damages that are unique to maritime commerce. There are 2 kinds:
1.) General
Damages deliberately caused by the captain in order to save the ship. Since all the persons with interest in the cargo and the ship have benefitted from such damage, they will all bear the loss; the insurer himself will be liable for his proportion of all general average loss. An example is jettisoning cargo in order to save the ship.
2.) Particular
Not everybody benefits from this kind of damage. The loss will be borne by the shipowner or the owner of the cargo. And unless there is a stipulation to the contrary, the insurer will be liable for particular average loss. An example is the damage the ship suffers throughout the voyage until it reaches its destination.
1 comments:
How i got an urgent loan of 100,000 within 24hours to start my own business from best loan online services contact the company's email for your loan processing if you are interested : email >>>>bestloanonlineservice@hotmail.com<<<<or contact on WhatsApp @ + 1 443 281 3404
Post a Comment