StudentShare solutions
Got a tricky question? Receive an answer from students like you! Try us!

Essay example - Modern Shipping Industry

Only on StudentShare
Pages 6 (1506 words)
The law governing the bills of lading was originally found way back in the 1855 Bill of Lading Act which was held as the frame work of legislation until the new Act 'Carriage of Goods by Sea Act 1992' was framed to remove the basic flaws or problems created by the old Act …

Extract of sample

Even the applicability of privity of contract to the maritime contracts was established only after the court rulings in Tweddle & Atkinson [1861]1 and Thompson v Dominy [1845]2. Section 1 of the Bill of Lading Act was enacted to provide the right of suit to the consignee as well as the transferee of the Bill of Lading thus providing an exception to the privity of contract. However one major flaw was that the right of suit was made available only in respect of the conditions specifically and expressly mentioned in the Bill of lading. since the essence of Section 1 is to transfer the right of suit 'as if the contract contained in the bill of lading had been made with himself' . Thus made the section inoperative in those cases where the right of suit on reasons otherwise than on consignment or endorsement and this wording was adversely affecting the position of the Banks in whose favour the bills of lading were endorsed not giving them the right to sue.
Under the circumstances where the Bills of lading were not able to be received by the consignees within such time the vessel reaches the destination, the buyer became the owner of the goods by producing a 'letter if indemnity'. ...
Download paper
Not exactly what you need?

Related papers

Shipping Industry
Else the industry will have to employ officers who are not suited to the post [Maritime Law, 2007; Panigrahi Bhagaban and Calcich Stephen, 2003]…
4 pages (1004 words)
Shipping Management
It has been proved, that old management techniques in shipping have been working fir short-term profits only; it has also become evident that socially 'responsible' shipping business causes higher revenues and better positive results for both the stock markets and the general company performance. New management framework has also been formed with the additional pressure of environmental issues,…
10 pages (2510 words)
Shipping Industry Essay
In this industry some of the operational and economic characteristics include the quantity, timing and the physical characteristics of the cargo being shipped from one place to another. Cargos physical and commercial characteristics determine the kind of ship type to be used within a specified period of time. For example items such as natural gas or nuclear facilities require specific type of…
8 pages (2008 words)
Shipping Economics
Marx (1953) describes it as " agreements organised by shipping lines to ports of call to arrange the pooling of cargo, freight monies or net earnings. They generally control prices, i.e., freight rates and passenger fares. They create a permanent body with a Chairman or Secretary. The conferences were either informal (oral) or formal (written), containing carefully established rights and…
8 pages (2008 words)
Shipping Industry Case Study
Once this is approved by the commission, the bookbuilding process begins, in which the company is introduced to potential investors, who then explicitly express their interest in the venture. At this point, the investment bank proposes a price to the company, and later the trading begins (Ljungqvist, 2005).…
9 pages (2259 words)
Container and Shipping Industry
All these services are specialised services and the industry will have to depend a lot on these suppliers. Therefore, the power of suppliers is quite substantial.…
4 pages (1004 words)