05.04.2017

FAQs Relating to OW Bunkers

   The UKDC publication dated November 2014 and giving the clear answers to the most important and frequently answers about the OW bunkers, e.g. what OW entities are actually affected, whether they could act as physical suppliers/intermediaries or not, what approach should ship owners apply when facing a threat of arrest by the physical supplier, what conditions/terms shall be applied to the contracts with OW, and some other questions of critical importance. The content of this compact yet practical and informative booklet will be appreciated by anyone involved in the shipping business.

734 Viewing 0 Comments Read more
31.03.2017

UKDC Counterparty Risk - Claims for Damages

   This official UKDC publication was released to cover such critically important aspects of the counterparty risk as causation, development of the law, remoteness, mitigation, accepting repudiator breaches, assessment of damages, date that damages are assessed, wasted expenditure as basis for damages, "cost of cure" basis of assessment. It is important to define if the certain loss types would be recoverable in any case. And the main problem associated with this is to show that they were actually not too remote. After that, the claimant proceeds with the assessment of the damages incurred. In most cases courts look to the assessment in monetary loss terms...

840 Views 0 Comments Read more
29.03.2017

UKDC Going Forward - End of Year Review 2013

   As a legal costs insurer it is clear that controlling the cost of litigation is of crucial importance to the Association. In July, 2012 a Circular was issued to the Membership on the "Effective Management of Claims and Control of Costs" which highlighted the importance of the accurate estimating of costs. In recent years the Board has seen a number of costly cases where lawyers have significantly underestimated the costs to be incurred in resolving the dispute. Whilst estimating is not an exact science, the accurate estimating of costs is crucial and the Circular highlighted that if it becomes apparent that an estimate is likely to be exceeded then the service provider must raise this with the Managers at the earliest opportunity. Furthermore, in the case of an inadequate or inappropriate estimate the service provider will be expected to honour the estimate previously given unless there are mitigating circumstances. Through their Value For Money programme, and ongoing work with Preferred Legal Partners, the Managers continue to do their utmost to control the costs of handling and litigating claims. This includes requesting lawyers to consider alternative fee arrangements to the usual approach of hourly billing and the use of an independent cost draftsman where appropriate. Historically, this has been limited to assessing the costs incurred by an opponent. However, going forward the Managers envisage using a costs draftsman to review cost estimates and also the fees incurred on certain cases with a view to encouraging a much greater focus on the cost effectiveness of steps being taken...

579 Views 0 Comments Read more
Enter the site
Read Later

    The "Read Later" function allows you to add material to this block with just one click. Just click on the icon and read the articles that interest you at any convenient time.

Top Posts
Rate my site
Copyright MyCorp 2017