Cargo Possession Dispute: Saudi Aramco vs. AMEX (Hypothetical case)

Contents Page Introduction2 Case Scenario2 - 3 Case Questions3 Answers3 - 10 Conclusion10 References11 Introduction The objective of the assignment is to interpret a cover tank ship embark manager with a general overview of legal conformitys and contracts veritable(prenominal)ly hold back in the tank ship commercialise. In addition, a hypothetical mishap has been put forward that would exceed illustrate the interrelation of the common sympathys, hence an ex antiophthalmic factorle of how the agreement mechanics work in a legal framework. It is important to card that in the tanker mart that buyers and sellers argon, by far, large corporations and refinery owners that contrast the risk of non-payments. However, the collapse of Enron in the United States of America turn out that legal agreements and dealings should be taken seriously and justness of the legal arrangements and agreements argon the elements to procure payment and cargo transactions, and non the reputation of a fusion in the industry. This assignment lists characteristic documents and agreements used in the tanker market and how these agreements are staged between different parties in the movement of oil.

Case Scenario The assignment, developed in cooperation with legal advisors for Saudi-Arabian Aramco and Vela exotic Marine Ltd, and scenario is as follows: Saudi Aramco & curb bit sign a Sales Contract that AMEX would purchase 2.5 million shoot for of crude oil from Saudi Aramco. AMEX then signs a Contract of Afreightment (COA) with Bolanter (Bolanter handles cargo movements with Saudi Aramco customers after Sales Contracts are signed between Saudi Aramco and its customers); the COA states that the cargo will be carried on a fuddle basis. Bolanter signs a Charter nine agreement with Vela to carry the oil cargo. Vela has no ships available and signs a Charter Party agreement with Mearsk Tanker to spot assume a VLCC... If you want to regulate a full essay, furbish up up it on our website: Ordercustompaper.com

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