Insights

It is common for parties to reserve their rights in general terms where a dispute is developing. This is often thought to protect a party’s rights under the applicable charterparty. However, in a recent case, the High Court held that the charterer had lost its entitlement to rescind the charterparty for misrepresentation, even though the charterer had expressly reserved its rights. Podcast also available. 

We recently reported on the sanctions newly imposed on the Maritime Authority of Venezuela, INEA. OFAC has now issued General Licence 30(A) which authorises transactions and activities that are "ordinarily incident and necessary to operations or use of ports and airports in Venezuela". 　

Recognising that the existing sanctions clauses for time and voyage are not appropriate for the unique nature of liner trade, BIMCO has now issued a bespoke clause which seeks to cater for that trade’s specific characteristics.

In our March Soundings, we foreshadowed how the sanctions landscape might look post-Brexit. Now that the transition period has ended and the UK has left the EU with a deal in place, we take a look at the new sanctions framework which came into force at 11pm on 31st December, 2020.

New UK legislation has come into force which may have significant implications in the event of the insolvency of one of the parties to a contract. Key provisions include the ability for a company to apply for a moratorium to protect it from creditors and the potential nullification of termination clauses.  The new legislation may be relevant to Members seeking recovery of unpaid debts from contractual counterparties in financial strife.