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 provide a crude tank driver embark manager with a general overview of juristic parallelisms and contracts veritable(prenominal)ly apply in the tanker commercialise. In addition, a mantic possibility has been put forward that would best illustrate the interrelation of the typical agreements, hence an extype Ale of how the agreement mechanics work in a heavy framework. It is important to note that in the tanker market that buyers and sellers argon, by far, large corporations and refinery owners that limit the risk of non-payments. However, the damp of Enron in the United States of America proved that legal agreements and transaction should be taken seriously and correctness of the legal arrangements and agreements ar the elements to master payment and cargo transactions, and not the reputation of a partne rship in the industry. This assignment lists typical documents and agreements used in the tanker market and how these agreements are arranged between incompatible parties in the movement of oil colour.

Case Scenario The assignment, developed in cooperation with legal advisors for Saudi-Arabian Aramco and Vela foreign Marine Ltd, and scenario is as follows: Saudi Aramco & bridle sign a Sales Contract that AMEX would purchase 2.5 million place 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 play a joke on basis. Bolanter signs a Charter society agreement with Vela to carry the oil cargo. Vela has no ships available and signs a Charter Party agreement with Mearsk Tanker to spot remove a VLCC... If you want to bulge a full essay, set up it on our website: OrderEssay.net

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