When a vessel falls into a casualty at Sea during maritime adventure, the Master of the vessel considering gravity of the casualty, declares general average and takes decision to proceed to ‘Port of Refuge’ for safeguarding the vessel and the cargo. That means ‘Port of Refuge’ is the safe port where master takes recourse to encounter the outcome of casualty.0 views
The average adjuster performs a unique role in the adjustment / settlement of general average contribution among the parties involved in a maritime adventure. It is a highly skilled professional person or agency to deal with the issue of general average.0 views
Damage of ship or cargo caused by any sea peril in maritime adventure cannot be considered as general average. Events of sea peril must have valid ground of sacrifice as explained under lettered & numbered rules of York-Antwerp Rule. We know that in a maritime adventure, there are three interests involved viz the cargo, the ship and the freight. General average sacrifice arises on any of these three interests.1 view
York-Antwerp Rule has come into force to provide detail interpretation and guideline for the global shipping industry, aiming to handle & settle the general average sacrifice and expenditure on the basis of internationally accepted standard rules applicable to common danger in a maritime adventure. That means the Rule has established a codified set of rules to determine the rights and obligations of all parties involved in a maritime adventure, if general average is declared.5 views
‘General average’ differs from ‘particular average’ losses, so far as the basic features, scope and sharing of ultimate burden of losses are concerned. In a maritime adventure, a loss can either be total or partial and as such any loss other than total loss would be classified as partial. Under marine insurance, the second category of loss i.e. partial loss again includes both the general average & particular average loss.33 views
The Shipping Companies working under present global shipping environment are very much familiar with the term ‘General Average’. The term refers to a situation / event where the ship and cargo are exposed to common danger and some part of the cargo or of the ship is intentionally sacrificed, or extra expenditure is incurred, to avert such danger. Such loss or extra expenditure is addressed within the per view of general average contribution and the contribution is apportioned between ship and cargo in proportion to their saved values.13 views
British Prime Minister David Cameron was not in favor of holding a vote on “Brexit” at all. In 2014 he faced mounting pressure from the populist right over the issue of migration and Britain’s EU membership. To pacify dissenters in his own party and arrest the rise of the far-right UK Independence Party, Cameron promised to hold a referendum on leaving the EU if his Conservative Party won the 2015 election.12 views
What are the common discrepancies in letters of credit?
Some of the most common documentary discrepancies are found in the following fields under a letter of credit transaction:
Related to the documents in general
- Documents inconsistent with each other. That means inconsistency of information between documents.
- Original documents not marked “original”.
- Absence of signature where required, on documents presented
- Late presentation–documents presented more than 21 days after shipment or as specified in the LETTER OF CREDIT
A business deal between a Seller (Exporter) and a Buyer (Importer) for an international commodity transaction needs to be established prior to open a letter of credit. For export or sale of any particular commodity to a foreign buyer, it is the primary duty of a Seller to find out a suitable overseas buyer who is willing to purchase his brand of commodity. Then the Seller starts and continues negotiation with the chosen buyer till a Contract is finalized.15 views
The slow pace of growth in China poses a great challenge to the world economy.
The rate of growth of Chinese economy reached at the lowest level compared to its growth during the last twenty five years. The growth rate of total Gross Domestic Product (GDP) of this world’s second largest economy has come down to below 7 per cent. In 2015 the country has achieved a GDP growth of 6.9 per cent only against officially fixed target of 7 per cent. Whereas the GDP growth of China was 7.3 per cent in the previous year i.e. in 2014.18 views