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Pages 14 (3514 words)
On September 23, 2009 the maritime industry put into practice a new set of rules and regulation termed as Rotterdam Rules, when 15 countries ratified the United Nations Convention on Contracts for the International Carriage of Goods Wholly or Partly by Sea…
After coming into effect these changes are bound to reflect on different stakeholders in the maritime business. With an increase in business activities, all around the globe, the sea route has become very busy and active, thus generating more demand for regulations and expertise in Maritime law.
Container and shipping industry is capital intensive business and requires huge amount of investment to start the business. Safety and environmental concerns obviously result in high levels of regulations for the industry. It took well over seven years for the U.N. Commission on International Trade Law (UNCITRAL) and its Working Group III on Transport Law, to deliberate on the nuances of the new legislation for the shipping industry. Subsequently the Comit Maritime International (CMI) took another four years of preparatory work to pave the way for the United Nations to adopt the 'Convention on Contracts for the International Carriage of Goods Wholly or Partly by Sea' in December 2008 meeting (Sturley, 2009). The Rotterdam convention is bound to have an impact on different stakeholders in the maritime business in varying measures, depending upon a number of factors. The Cargo owners are certainly an important part in this business. ...
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