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Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
 KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was the subject of a chain of three charterparties. The head and sub-charter provided for London Arbitration (two arbitrators unless a sole could be agreed), and the LMAA Small Claims Procedure for claims under US$100,000. The sub-sub-charter provided for Singapore Arbitration.
Owners’ P&I Club provided an LOU to the Claimants as security for their claims. The LOU provided for London Arbitration before a three-man Tribunal, stating in part: “we confirm that the Ship Owners agree that the above mentioned claims shall be subject to London Arbitration … and English Law to apply … and for each party to nominate its own arbitrator and the two so appointed may appoint a third”.
The Claimants commenced arbitration under the terms of the LOU, and Owners challenged the Tribunal’s jurisdiction. Owners argued that the arbitration clause in the head charter was incorporated into the bills of lading and that this remained intact, despite the provisions of the LOU. This included the use of the Small Claims Procedure. Owners said that the appointed Tribunal had no jurisdiction over claims which would inevitably be less than US$100,000.
The Court held that the arbitration provision in the LOU replaced the charterparty arbitration clauses. The Claimants had validly commenced arbitration and the Tribunal as appointed had jurisdiction.
The key question was whether the parties had intended the provisions of the LOU to replace the original arbitration provisions wholesale, or merely to vary them in limited respects but leaving them in force. The arbitration clause in the LOU was comprehensive and able to operate as a free standing agreement. Further, there was no reason in principle why the terms of the LOU should not operate as a complete replacement.
The Court identified “compelling reasons” supporting the parties’ intention that this should be the outcome. A particular focus was placed on certainty. Having an arbitration agreement located partly in an LOU and partly in a charterparty would be a “recipe for confusion”, especially where, as here, there was scope for disagreement as to which of the charterparty arbitration clauses would apply. The possibility of such disagreement was removed by the LOU.
This case highlights the importance of considering carefully whether the provisions of any binding documents, such as LOUs, will vary or even supersede the provisions of existing contracts. The court will consider all such documents in context, and in the light of common business sense. The parties’ intentions do not have to be explicitly set down in documents or correspondence for the court to make findings, in light of all the circumstances, as to what those intentions were.
Finally, it is interesting to note the Court’s comments, at the beginning of the judgment that it is difficult to see that the parties’ costs were well spent, where the amounts in dispute were modest and there was no dispute that the claims ought to be arbitrated. The Court noted that, in fact, Owners appeared to be seeking to knock out the claims on a technical point, because any new arbitration would be time barred, albeit it accepted that this was something which Owners were entitled to do.
Source: Reed Smith
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Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
Wednesday, 03 September 14
CFR S.CHINA COAL SWAP FOR JAN 2015 DELIVERY CLOSED AT $ 68.30 PMT; DOWN 2.43% W-O-W
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.95 (-1.39%) day on day and US$ 1.40 (-2.03%) week on wee ...
Tuesday, 02 September 14
BERAU COAL HAS AWARDED A CONTRACT EXTENSION TO BUMA FOR 647 MLN BCM OVERBURDEN REMOVAL
COALspot.com: PT Delta Dunia Makmur Tbk (“DOID”) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama (&l ...
Monday, 01 September 14
GLOBALCOAL WELCOMES TWO NEW MARKET MEMBERS
COALspot.com: globalCOAL® announced today that two Market Members have joined its trading community. Both new Market Members are from the India ...
Sunday, 31 August 14
COAL FREIGHT RATES INTO INDIA FROM INDONESIA FIRM
COALspot.com: The freight market continued to firm this week. BDI up 5.42 percent week ended 29 August and closed at 1147 points while the Ca ...
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Showing 3511 to 3515 news of total 6871 |
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- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Australian Coal Association
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
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