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The Lloyd's Open Form, formally "Lloyd's Standard Form of Salvage Agreement", and commonly referred to as the LOF, is a standard form contract for a proposed marine salvage operation.
Treitel defines an offer as "an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed", the "offeree". [1] An offer is a statement of the terms on which the offeror is willing to be bound.
Ships' articles developed as part of the Law Merchant (Lex mercatoria).Early trading vessels were often cooperative efforts where the crew, or some members, contributed to the initial costs of ship, cargo and operations; and payment was in shares at the end of the voyage.
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It may involve large amounts of money and requires brokers to possess knowledge of types of vessels and their function, knowledge of maritime law, as well experience in bargaining. To reduce the number of disputes and smoothen the sale and purchase procedure, normally the ship-owner (seller) and the buyer will appoint brokers as middlemen to ...
Affreightment (from freight) is a legal term relating to shipping.. A contract of affreightment is a contract between a ship-owner and a charterer, in which the ship-owner agrees to carry goods for the charterer in the ship, or to give the charterer the use of the whole or part of the ship's cargo-carrying space for the carriage of goods on a specified voyage or voyages or for a specified time.
A U.S. judge on Friday said Southwest Airlines must face a lawsuit by a prominent affirmative action opponent claiming a now-defunct program that awarded free flights to Hispanic college students ...
FOB (free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway ...