Most contracts for the sale of goods and services contain a standard provision regarding the application of payments on overdue accounts, such as: “When more than one invoice is past due at the same time, Seller shall be entitled, at its sole discretion, to specify the particular invoice to which any subsequent payment shall be… Continue Reading
Tag Archives: vessel finance
When No Privity of Contract Qualifies as “Any Contractual Relationship” under OPA
Posted in Marine Services, Maritime ContractsTransactions to procure supplies for vessels engaged in international trade typically involve numerous international and local brokers, agents and contractors. The vessel operator or charterer will place an order for supplies with a broker. The broker locates a seller with the best price and reputation in the vicinity of the vessel. The seller makes arrangements… Continue Reading
A Checklist: What to Expect When Financing Vessel Construction
Posted in Marine Services, Maritime Contracts, Ports & Cargo ShippingWhen seeking construction financing for a proposed newbuilding, shipowners should understand and be prepared to address the particular concerns that lenders have in assessing risk and documenting vessel construction projects. When deciding whether to approve a construction financing loan, lenders focus on certain key factors: Does the shipyard have the requisite experience, manpower and financial… Continue Reading