counterparty risk liens on sub-freight and sub-hire marc jackson
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Counterparty Risk Liens on sub-freight and sub-hire Marc Jackson. Notice of Lien 1. Debt must have accrued. Identify sub-charterers. Are lien clauses back to back? What if lien clause omitted from sub-charter?. Notice of Lien 2. Elements of the lien notice - PowerPoint PPT PresentationTRANSCRIPT
Counterparty Risk Liens on sub-freight
and sub-hire
Marc Jackson
Notice of Lien 1
Debt must have accrued.
Identify sub-charterers.
Are lien clauses back to back?
What if lien clause omitted from sub-charter?
Notice of Lien 2
Elements of the lien notice
Contracts need to be identified.
As do sums due to owners.
Reference to pertinent charterparty provisions.
Announce the exercise of a contractual lien.
Wordings will vary.
May include indemnity from owner.
NYPE Lien Clauses
NYPE 1946 – Clause 18
“The owners shall have a lien upon all cargoes, and all sub-freights for any amounts due under this charter …”
NYPE 1993 – Clause 23
The owners shall have a lien upon all cargoes and sub-freights and/or sub-hire for any amounts due under this charterparty
BULK CHILE
Chain of charterparties.
1946 lien clause pertinent law incorporated.
Meaning of “sub-freights”.
Appeal?
Protection for Owners
Ensure the clause includes:
HireFreightSub-freightSub-hireand/or demurrage
Counterparty Risk Liens on sub-freight and sub-hire
Marc Jackson