Ship Management Agreement Bimco

with No Comments

5. Director`s Responsibility and Compensation The degree of risk and liability that the director must assume with respect to the benefits to be provided is a frequent point of disagreement. The philosophy displayed by the authors of the SHIPMAN standardized forms was to “spread the responsibility among owners and managers on the basis that owners should not be in a better position than they would have been if they had managed the vessel for themselves.” 18 In keeping with this philosophy, SHIPMAN 2009 is resolutely pro-manager in its approach to risk and liability allocation. Such an approach is not necessarily in the interest of investor owners who entrust their vessels to third-party managers and rely heavily on their judgment, skills and experience. BIMCO has extended its future ship financing suite by introducing SHIPLEASE, a sectoral standard for ship sales and leasing. SHIPLEASE is a sheet of indicative terminology for use in both operating leasing and leasing. It was designed primarily for used ships, but it can be adapted to new constructions. SHIPMAN 2009 isolates the administrator from liability to the owners for losses, damages, delays, etc., unless the owner can say in the affirmative that his injury was caused exclusively by negligence, gross negligence or intentional misconduct of the manager or his employees, agents or subcontractors.19 This represents a significant burden of proof to the owners. In cases where owners may have found negligence: the liability of the administrator is nevertheless limited to 10 times the annual administrative tax20. Liability exceeds the limitation only if the injury is due to the “personal act or omission” committed lightly or with the intent of the administrator, and knowing that such a loss would likely result in that loss.21 Contract, with the exception of cases and amounts for which the director would otherwise be liable under the contract. SHIPMAN is the industry`s standard contract for ship management. Managers are appointed by the owners as agents to provide ship management services within the meaning of the contract. This generally includes technical management and may include personnel management and business management.

“Person” means any individual, company, association, company (general or limited), joint venture, trust, estate, limited liability company or any other legal person or organization. Subject to the conditions specified, the directors perform, during the duration of this contract, the ship`s administrative services as intermediaries for and on behalf of the owners. Directors are empowered, at their discretion, to take, from time to time, the measures they deem necessary to ensure the performance of administrative services in accordance with good ship management practices, including, but not limited to, compliance with all relevant rules and regulations.