Notion of fiduciary trust and its breach - Case Study Example

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Notion of fiduciary trust and its breach

The bill of lading indicated that 3,000 tons of timber was received from Merchant LTD and the timber was received in good condition. In examining Wavy Line's responsibilities with regards to Merchant LTD it is prudent for Merchant LTD to know that the issuance of a bill of lading is accompanied by legal rights and responsibilities. Those rights and responsibilities as delineated by the Hague-Visby rules denote that under the "contract of carriage" the responsibilities and liabilities of Wavy Line include the premise that Wavy Line is obligated to exercise a superior degree of care in order to:
In examining Article II of the Hague-Visby Rules, we can clearly see that there is a breach of the contract by Wavy Line in that Wavy Line was obligated to ensure that the ship is adequately staffed prior to embarking on the voyage. The fact that Wavy Line had to stop to pick up a relief master on the way indicates that the staffing responsibility was not met as necessitated by the Hague-Visby Rules. Article III Section 5 of the Hague-Visby Rules addresses remuneration under these circumstances. ...Show more

Summary

The notion of fiduciary trust and its breach is at the heart of the contractual agreement between a consignee and a consigner as well all of the entities representing either of the parties. When dealing with a consignment agreement which involves the transport of goods by sea, the Hague-Visby rules as amended by the Brussels protocol 1968 as well as the Carriage of Goods by Sea Act 1992 delineate the obligations and rights of each party as well as the recourse each entity may have as a direct result of the breach of responsibility by opposing parties.
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