Transcription of ICA Paper Stephen Grainger, Partner Mays Brown, …
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ICA Paper Stephen Grainger, Partner Mays Brown, …
ICA Paper Stephen grainger , Partner mays brown , London Inter-Club Agreement Security Issues As between an Owner and a Time Charterer, when a cargo claim arises which is subject to the ICA when does the right arise to demand security and to take conservative steps to obtain security? There are three alternatives: 1. From the date of the incident giving rise to a cargo claim and potential liability for it. 2. From the date when security is provided to the cargo claimants. 3. From the date when the cargo claim is paid. Why is this important? This is particularly relevant in cases where foreign arrest proceedings are initiated as a means of obtaining security for a claim arising under the ICA and where the foreign court is required to form a view as to the validity or not of the arrest.
ICA Paper – Stephen Grainger, Partner Mays Brown, London Inter-Club Agreement – Security Issues As between an Owner and a Time Charterer, when a cargo claim arises which is subject to the ICA
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