Parbulk AS v. Kristen Marine SA and Aurele Trading Inco

more+
less-

Ship sale and purchase – Clause 14 of Norwegian Saleform 1993

Introduction

This recent case gives guidance on the construction of Clause 14 of the Norwegian Saleform 1993 and also demonstrates how a simple amendment to the standard form can have far reaching consequences.

Background

The contractual matrix was as follows: (Please see alert below)

The Claimant had agreed to purchase four vessels "en bloc," from Special Purpose Vehicles ("SPVs") under four Memorandum of Agreements ("MoAs"), and then charter the vessels back to the SPVs. The finance for the purchase of the vessels by the Claimant came from Calyon Bank.

Construction of the vessels was delayed and the Claimant became entitled to, and did, cancel the MoAs. The subject of the dispute was the Claimant's entitlement to certain "expenses," which it argued fell within the scope of sentence (3) of Clause 14 of the MoAs. These "expenses" were significant...

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Reed Smith | Attorney Advertising

Written by:

more+
less-

Reed Smith on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×