maritimeandcommerciallaw.co.uk

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Definitions (180)

1

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laycan


Range of dates within the hire contract must start.
Source: maritimeandcommerciallaw.co.uk

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no cure no pay


No cure no pay is a form of salvage contract in which the salvor receives no payment if s/he fails to save any property. The payment will be made under this scheme only if the party makes a successful claim.
Source: maritimeandcommerciallaw.co.uk

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accomplished bill of lading


An original copy of a bill of landing for an order that must be shipped.
Source: maritimeandcommerciallaw.co.uk

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act of god


An event that directly and exclusively results from the occurrence of natural causes that could not have been prevented by the exercise of foresight or caution; an inevitable accident.
Source: maritimeandcommerciallaw.co.uk

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adjustments


Any discrepancy between the actual shipment and what is stated on the bill of lading. These can result in additional charges from freight carriers. 
Source: maritimeandcommerciallaw.co.uk

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affreightment


Chartering or hiring vessel as freight carrier.
Source: maritimeandcommerciallaw.co.uk

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agent


A person who transacts business on behalf of another person or company with full or limited decision. 
Source: maritimeandcommerciallaw.co.uk

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anchor


A heavy object attached to a vessel by a cable or rope and cast overboard to keep the vessel in place either by its weight or by its flukes, which grip the bottom.
Source: maritimeandcommerciallaw.co.uk

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arbitrate


To settle or decide a dispute.
Source: maritimeandcommerciallaw.co.uk

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arbitration


A mini-trial, which may be for a lawsuit ready to go to trial, held in an attempt to avoid a court trial and conducted by a person or a panel of people who are not judges.
Source: maritimeandcommerciallaw.co.uk


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