And from BIMCO`s point of view, it`s just as important to adapt agency agreements to make them more user-friendly. BIMCO and FONASBA, the global organization representing ship brokers and ship agents, have once again banded together to create a new general agency agreement for port agents, shipowners and ship operators commanding port agency services. Carlini said the model contract had „created a strong agreement that allows agents and operators to focus on core business, build closer ties and not worry about potential litigation or legal issues.“ Only the client. A breach of the agreement may also justify termination, but it is reasonable to include a reservation that this applies only if the infringement has not been corrected within a number of days of the other party`s written notification of such a violation. It is very rare for compensation provisions to be included in an agency agreement. Indeed, it is sometimes explicitly stipulated that the agent undertakes to waive all and all his rights to any compensation on which he may be subject to the law or to turmoil. BIMCO General Secretary and Ceo Angus Frew (pictured) has announced his resignation… Liner officers must be careful not to take responsibility for vessel delays or cargo damage resulting from the negligence or delay of Stevedores or terminal operators. The agent may be involved in litigation if he was required, under the agreement, to organize and supervise the stevedoring activities. The position may be clarified by the insertion of a clause that „the agent is not responsible for the negligence or negligence of Stevedores or terminal operators, unless the officer exercises the necessary diligence in appointing these stevedores or terminal operators.“ Contractors often feel exposed to the financial risk to which they feel they are exposed. This fear is justified to some extent by the failure of a number of agencies known in the past.
Several methods have been used to try to overcome or reduce this exposure. This is often the requirement for the representative of separate bank accounts to collect and submit separate trust accounts through the representative in order to obtain freight or other income on behalf of the client, as well as funds that the agent receives from the client to cover payments and expenses. The goal is to completely separate the means from those of the agent or other contractors, so that they can be easily identified. Another method is for the agent to open a separate bank account in the name of the client jointly managed by both parties. All freight collections will be deposited by the agent into this account without deduction. The credits necessary for payment are then requested by the agent responsible for providing information on the estimated expenses. When authorization is granted, the client authorizes the agent to obtain the necessary funds from the account. Similar protection may be granted through bank guarantees for funds held by the representative on behalf of the client. Most agreements necessarily provide that these guarantees are maintained at the representative`s expense and that they take place in a form acceptable to the client. ItIC is often asked to review draft line agency contracts subject to the signature of its members. Unfortunately, while not surprising, they are often biased in favour of the line principle.
This, of course, reflects the strengths and negotiating positions of both parties and the fact that competition between agents for a new appointment is often intense. Although the club believes that business considerations are often important, it is clearly dangerous to accept provisions that could have serious negative consequences at a later stage. The general agency agreement was developed for the provision of selected agency services over a period of time in a given area or territory.
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