Distribution of the piracy risk - mincing words

From a contractual point of view, the concept of piracy is a hard one to grasp. Acts of piracy are per definition serious crimes. However, considering  how especially the Somali pirates carry out their business, the risk of piracy may be seen as comparable to e.g. the risks connected with civil unrest. Also, even if piracy has always existed and  thus historically is a risk one should be prepared for if one wishes to navigate the oceans, actual attacks are still – fortunately – statistically extraordinary occurrences. In this article it is shown how piracy is dealt with in different clauses used in the trade. It is shown that there is no consensus as to what type of risk is piracy. It is concluded that the parties entering into new contracts should bear this in mind and make sure that they have considered and accepted the definition of piracy and the distribution of the risk of piracy in contractual provisions applicable to them.

Emne: Piracy

Ã…r: 2010

Magasinudgivelse: Marts 2010

Antal sider: 5

Størrelse: 858kb

DKK 20,00

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