Articles - 2010
Please click on the archive dates to navigate through archived articles.
Excluding "direct" loss of profit - 14 Jul 2010
The recent High Court case of Markerstudy Insurance Company Limited v. Endsleigh Insurance Services Limited [2010] EWHC 281 (Comm) is a timely reminder that parties need to be careful when drafting clauses excluding consequential losses.
Download: Excluding direct loss of profit by WAC HCW July 10.pdf
War in Korea - A Cause of Serious Frustration? - 30 Jun 2010
The loss in March 2010 of the South Korean corvette "CHEONAN", together with 46 crew members, and the evidence which has emerged to suggest that she was torpedoed by a North Korean submarine, has led to a significant increase in tension between the two Koreas, who technically remain at war notwithstanding their July 1953 ceasefire. As recently as 3 June, North Korea's deputy ambassador to the United Nations, Ri Jang Gon, told a conference on nuclear disarmament in Geneva that "The present situation is so grave that a war may break out at any moment".
Download: War in Korea-a cause of serious frustration by SRC MP 30 June 10.pdf
Courts reverse course on refund guarantees - 16 Jun 2010
The decision in Rainy Sky S.A. & others v Kookmin Bank, that we reported on in this column last December has now been overturned on appeal.
Download: courts reverse on refund guarantees JHT and KHK.pdf
Economic downturn held by court not to be a force majeure event. - 15 May 2010
Despite some politicians' optimism about a wider financial and economic recovery, events in the various markets are continuing to cause many parties to consider the terms of their contracts closely. There seems to be a particular focus on establishing termination rights in light of perceived or actual performance issues and identifying rights to vary the underlying financial drivers or assumptions of projects.
Download: Economic downturn held by Court not to be force majeure event TG May 10.pdf
Refund Guarantees-Less than perfect Security - 10 May 2010
As readers of these pages will be aware, the global financial crash which commenced in September 2008 has led to a swift and massive decline in new ship values. Whilst most of the so-called "noughties" saw demand at its highest for decades, shipyards worldwide now struggle to fill their order books and newbuilding purchasers seek, sometimes in desperation, to renegotiate contract prices or to cancel orders placed in happier economic times. Shipbuilding lawyers are in consequence now faced not with the previous problems of enforcing the shipbuilder's performance of the project, but rather of ensuring that, if and when the newbuilding is no longer wanted, the shipowner and his financiers can recover their pre-paid instalments of the contract price together with interest.
Download: Refund Guarantees-Less than perfect Security SRC May 10.pdf
Court gives guidance on - 09 Apr 2010
RTS Flexible Systems Limited (Respondents) v Molkerei Alois Muller Gmbh & Company KG (UK Production) (Appellants) [2010] UKSC 14 Although not a shipping case, this judgment of the Supreme Court is of general interest for its discussion of the effect of commonly used "subject to contract" clauses where the parties begin work before finally agreeing the terms of the contract between them.
Download: Court gives guidance KHK April 10.pdf
Court of Appeal upholds "without prejudice" rule - 16 Mar 2010
Parties entering into settlement negotiations want to speak freely without the risk that what they say may be used against them later. Typically they rely on the general rule that it is impermissible to give evidence of without prejudice communications and discussions. The rule is subject to limited exceptions.
Download: Court of Appeal upholds without prejudice ruleWAC March 10.pdf
The 'Slavenburg' register comes to an end - 01 Feb 2010
From 1 October 2009, the 'Slavenburg' register in England for company charges created by overseas companies is no longer relevant, and the law governing such charges is now contained in the Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009 (the "regulations"), issued pursuant to the Companies Act 2006.
Download: The Slavenburg Register ESL Feb 10.pdf
Starting the New Year by settling an ongoing dispute - 02 Jan 2010
There is often an extra impetus to settle ongoing disputes at this time of year, to clear the decks for the year ahead. However, even if there is a mutual willingness to settle, that will not be enough if the gap between the parties cannot be bridged. Outside assistance from a mediator may help to bridge that gap
Download: Starting the New Year by settling ongoing dispute WAC Jan 10.pdf
