PrintedbyBIMCO’sidea

SHIPMAN2009
STANDARDSHIPMANAGEMENTAGREEMENT
PARTI
1.PlaceanddateofAgreement / 2.DateofcommencementofAgreement(Cls. 2,12,21and25)
3.Owners(name,placeofregistered officeandlawofregistry) (Cl. 1)
(i)Name:
(ii)Placeofregisteredoffice:
(iii)Lawofregistry: / 4.Managers(name,placeofregistered officeandlawofregistry) (Cl. 1)
(i)Name:
(ii)Placeofregisteredoffice:
(iii)Lawofregistry:
5.TheCompany(withreferencetotheISM/ISPSCodes)(statenameandIMOUniqueCompanyIdentificationnumber.IftheCompanyisathirdpartythenalsostateregisteredofficeandprincipalplaceofbusiness)(Cls.1 and9(c)(i))
(i)Name:
(ii)IMOUniqueCompanyIdentificationnumber:
(iii)Placeofregisteredoffice:
(iv)Principalplaceofbusiness: / 6.TechnicalManagement(state“yes”or“no”asagreed) (Cl. 4)
7.CrewManagement(state“yes”or“no”asagreed)(Cl.5(a))
8.CommercialManagement(state“yes”or“no”asagreed) (Cl. 6)
9.CharteringServicesperiod(only to befilledinif“yes”statedinBox8)(Cl.6(a)) / 10.CrewInsurancearrangements(state“yes”or“no”asagreed)
(i)CrewInsurances*(Cl.5(b)):
(ii)Insuranceforpersonsproceedingtoseaonboard(Cl.5(b)(i)):
*onlytoapplyifCrewManagement(Cl.5(a))agreed(seeBox7)
11.Insurancearrangements(state“yes”or“no”asagreed) (Cl. 7) / 12.Optionalinsurances(stateoptionalinsurance(s)asagreed,suchaspiracy,kidnapandransom,lossofhireandFDD)(Cl.10(a)(iv))
13.Interest(staterateofinteresttoapplyafterduedatetooutstandingsums)(Cl.9(a)) / 14.Annualmanagementfee (stateannualamount)(Cl.12(a))
15.Manager’snominatedaccount(Cl.12(a)) / 16.Dailyrate(stateratefordaysinexcessofthoseagreedinbudget)(Cl.12(c))
17.Lay-upperiod / numberofmonths(Cl.12(d))
18.Minimumcontractperiod(statenumberofmonths)(Cl.21(a)) / 19.Managementfeeontermination(statenumberofmonths to apply)(Cl.22(g))
20.SeveranceCosts(statemaximumamount)(Cl.22(h)(ii)) / 21.DisputeResolution(statealternativeCl.23(a),23(b)or23(c);ifCl.23(c)placeofarbitrationmustbestated)(Cl.23)
22.Notices(statefullstylecontactdetailsforservingnoticeandcommunicationtotheOwners)(Cl.24) / 23.Notices(statefullstylecontactdetailsforservingnoticeandcommunicationtotheManagers) Cl.24)

ContinuedThisdocumentis a computergeneratedSHIPMAN2009formprintedbyauthorityofBIMCO. Anyinsertionordeletiontotheformmustbeclearlyvisible. Intheevent ofanymodificationmadetothepre-printedtextofthisdocumentwhichisnotclearlyvisible,thetextoftheoriginalBIMCOapproved documentshallapply. BIMCOassumesnoresponsibilityforanyloss,damageorexpenseas a resultofdiscrepanciesbetweentheoriginalBIMCOapproveddocumentandthiscomputergenerateddocument.

PrintedbyBIMCO’sideaSHIPMAN2009

Standard ship management agreementPART 1

(Continued)

ItismutuallyagreedbetweenthepartystatedinBox 3andthepartystatedinBox 4thatthisAgreementconsistingofPART l andPARTllaswellasAnnexes“A”(DetailsofVesselorVessels),“B” (DetailsofCrew),“C” (Budget),“D” (AssociatedVessels)and“E” (FeeSchedule)attachedhereto,shallbeperformedsubjectto theconditionscontainedherein.In theeventof a conflictofconditions,the provisionsofPART l andAnnexes“A”,“B”,“C”,“D”and“E”shallprevailoverthoseofPARTll to theextentofsuchconflictbutnofurther.

1.Definitions1

InthisAgreementsavewherethecontextotherwise requires,thefollowingwordsandexpressionsshallhave2

the meanings herebyassigned to them:3

“Company”(withreferencetotheISMCodeandtheISPSCode)meanstheorganizationidentified inBox54

oranyreplacementorganizationappointedbytheOwnersfromtimetotime(seeSub-clauses9(b)(i)or9(c)5

(ii),whichever is applicable).6

“Crew”meansthepersonnelofthenumbers,rank andnationalityspecifiedinAnnex “B”hereto.7

“CrewInsurances”meansinsuranceofliabilitiesinrespectofcrewriskswhichshallincludebutnotbelimited8

todeath,permanentdisability,sickness,injury,repatriation, shipwreckunemploymentindemnity andloss9

ofpersonaleffects(seeSub-clause5(b)(CrewInsurances)andClause 7(InsuranceArrangements)and10

Clause 10(InsurancePolicies)andBoxes10and 11).11

“CrewSupportCosts”meansallexpensesofa generalnaturewhicharenotparticularlyreferabletoany12

individualvesselforthetimebeingmanagedbytheManagers andwhichareincurredbytheManagersforthe13

purposeofprovidinganefficientandeconomicmanagementserviceand,withoutprejudicetothegenerality14

oftheforegoing,shallincludethecostofcrewstandbypay,trainingschemesforofficersandratings,cadet15

trainingschemes,sickpay,studypay,recruitmentandinterviews.16

“FlagState”meanstheStatewhoseflagtheVesselisflying.17

“ISMCode”meanstheInternationalManagementCodefortheSafeOperationofShipsandforPollution18

Prevention and anyamendment theretoorsubstitutiontherefor.19

“ISPSCode”meanstheInternationalCodefortheSecurityofShipsand Port Facilitiesandtherelevant20

amendmentstoChapterXIofSOLASandany amendmenttheretoorsubstitutiontherefor.21

“Managers”meansthepartyidentified inBox 4.22

“ManagementServices”meanstheservicesspecifiedinSECTION 2 - Services(Clauses 4through7) as23

indicatedaffirmatively inBoxes 6 through8,10 and 11, and all other functions performedbythe Managers24

underthetermsofthisAgreement.25

“Owners”meanstheparty identifiedinBox 3.26

“SeveranceCosts”meansthecostswhich are legallyrequiredtobepaid to theCrewasa resultoftheearly27

terminationofanycontractsforservice on theVessel.28

“SMS”meanstheSafetyManagementSystem(asdefinedbytheISMCode).29

“STCW95”meanstheInternationalConventiononStandards ofTraining,CertificationandWatchkeeping30

forSeafarers,1978,asamended in 1995andanyamendmenttheretoorsubstitutiontherefor.31

“Vessel”meansthevesselorvesselsdetailsofwhich are setoutinAnnex “A” attachedhereto.32

2.CommencementandAppointment33

Witheffectfromthedatestatedin Box2forthecommencementoftheManagementServicesandcontinuing34

unlessanduntilterminatedasprovidedherein,theOwnershereby appointtheManagersandtheManagers35

hereby agreetoactastheManagersoftheVessel in respectoftheManagementServices.36

3.Authorityof the Managers37

Subjecttothetermsandconditionshereinprovided,duringtheperiodofthisAgreementtheManagersshall38

carryouttheManagementServicesinrespectoftheVesselasagentsforandonbehalfoftheOwners.The39

Managersshallhaveauthoritytotakesuchactionsastheymayfromtimetotimeintheirabsolutediscretion40

considertobenecessarytoenablethemtoperformtheManagementServicesinaccordancewithsound41

shipmanagementpractice,includingbutnotlimitedtocompliancewithallrelevantrulesandregulations.42

4.TechnicalManagement43

(onlyapplicableifagreedaccordingtoBox 6).44

The Managersshallprovidetechnicalmanagementwhichincludes,butisnotlimitedto,thefollowing45

services:46

(a)ensuringthattheVesselcomplieswith the requirementsofthe lawoftheFlagState;47

(b)ensuringcompliancewith theISMCode;48

(c)ensuringcompliancewith theISPSCode;49

(d)providingcompetentpersonneltosupervisethemaintenanceandgeneralefficiencyoftheVessel;50

(e)arrangingandsupervising dry dockings,repairs,alterationsandthemaintenanceoftheVesseltothe51

standardsagreedwiththeOwnersprovidedthattheManagersshallbeentitledtoincurthenecessary52

expendituretoensurethattheVesselwillcomplywithallrequirementsandrecommendationsofthe53

classificationsociety,andwith the lawoftheFlagStateandoftheplaceswheretheVesselisrequiredto54

trade;55

(f)arrangingthesupply ofnecessary stores,sparesandlubricatingoil;56

(g)appointingsurveyorsandtechnicalconsultantsastheManagersmayconsiderfromtimetotimetobe57

necessary;58

(h)inaccordancewith theOwners’instructions,supervisingthesaleandphysicaldelivery oftheVessel59

underthesaleagreement.Howeverservicesunderthis Sub-clause4(h)shallnotincludenegotiationofthe60

saleagreementortransferofownershipoftheVessel;61

(i)arrangingforthesupplyofprovisionsunlessprovidedbytheOwners;and62

(j)arrangingforthesamplingandtestingofbunkers.63

5.CrewManagementandCrewInsurances64

(a)CrewManagement65

(onlyapplicableifagreedaccordingtoBox 7)66

The Managersshallprovidesuitably qualifiedCrew whoshallcomplywiththerequirementsofSTCW95.67

The provisionofsuchcrewmanagementservicesincludes,butisnotlimitedto,thefollowingservices:68

(i)selecting,engaging and providingfortheadministrationoftheCrew,including,asapplicable,payroll69

arrangements,pensionarrangements,tax,socialsecuritycontributions and other mandatoryduesrelated70

totheiremploymentpayable in each Crewmember’scountry ofdomicile;71

(ii)ensuringthattheapplicablerequirementsofthelawoftheFlagState in respectofrank,qualification72

andcertificationoftheCrewandemploymentregulations,suchasCrew’staxandsocialinsurance,are73

satisfied;74

(iii)ensuringthatallCrewhavepassed amedicalexaminationwith a qualifieddoctorcertifyingthatthey are75

fitforthedutiesforwhichthey areengagedand are inpossessionofvalidmedicalcertificatesissued in76

accordancewith appropriateFlagStaterequirementsorsuchhigherstandardofmedicalexamination77

asmay beagreedwith theOwners.Intheabsenceof applicableFlagStaterequirementsthemedical78

certificateshallbevalidatthetimewhentherespectiveCrewmemberarrivesonboard the Vesseland79

shallbemaintainedforthedurationoftheserviceonboardtheVessel;80

(iv)ensuringthattheCrewshallhavea commonworkinglanguageanda commandoftheEnglishlanguage81

of a sufficientstandardtoenablethemtoperformtheirdutiessafely;82

(v)arranging transportation ofthe Crew,including repatriation;83

(vi)training of the Crew;84

(vii)conductingunion negotiations;and85

(viii)iftheManagersaretheCompany,ensuringthattheCrew,onjoiningtheVessel, are givenproper86

familiarisationwith theirdutiesinrelationtotheVessel’s SMS andthatinstructionswhichareessential87

totheSMSareidentified,documentedandgiventotheCrewpriortosailing.88

(ix)iftheManagersarenot the Company:89

(1)ensuringthattheCrew,beforejoiningtheVessel,aregivenproperfamiliarisationwiththeirduties90

in relation to the ISM Code; and91

(2)instructingtheCrewtoobey allreasonableordersoftheCompany inconnectionwiththeoperation92

oftheSMS.93

(x)WhereManagers arenot providingtechnicalmanagementservicesinaccordancewithClause 494

(TechnicalManagement):95

(1)ensuringthatnopersonconnectedtotheprovisionandtheperformanceofthecrewmanagement96

servicesshallproceedtoseaonboardtheVesselwithoutthepriorconsentoftheOwners(suchconsent97

nottobeunreasonablywithheld);and98

(2)ensuringthatintheeventthattheOwners’drugandalcoholpolicyrequiresmeasurestobetaken99

priortotheCrewjoiningtheVessel,implementingsuchmeasures;100

(b)CrewInsurances101

(onlyapplicableifSub-clause5(a)applies and ifagreedaccordingto Box10)102

The ManagersshallthroughouttheperiodofthisAgreementprovidethefollowing services:103

(i) / arrangingCrewInsurancesinaccordancewiththebestpracticeofprudentmanagersofvesselsof a / 104
similartypeto the Vessel,withsoundandreputableinsurancecompanies,underwritersorassociations. / 105
InsurancesforanyotherpersonsproceedingtoseaonboardtheVesselmaybeseparately agreedby / 106
theOwnersandtheManagers(seeBox 10); / 107
(ii) / ensuringthattheOwnersareawareoftheterms,conditions,exceptionsand limitsofliabilityofthe / 108
insurances in Sub-clause5(b)(i); / 109
(iii) / ensuringthatallpremiumsorcallsinrespectoftheinsurancesinSub-clause5(b)(i)arepaidbytheir / 110
duedate; / 111
(iv) / ifobtainableatnoadditionalcost,ensuringthatinsurancesinSub-clause5(b)(i)name the Ownersas / 112
a jointassuredwith fullcoverand,unlessotherwiseagreed,ontermssuchthatOwnersshallbeunder / 113
noliability inrespectofpremiumsorcallsarising in connectionwith suchinsurances. / 114
(v) / providingwrittenevidence, tothereasonablesatisfactionoftheOwners,oftheManagers’compliancewith / 115
theirobligationsunderSub-clauses5(b)(ii),and 5(b)(iii)within a reasonabletimeofthecommencement / 116
ofthisAgreement,andofeachrenewaldateand,ifspecifically requested,ofeachpaymentdateofthe / 117
insurances in Sub-clause5(b)(i). / 118

6.Commercial Management119

(onlyapplicableifagreedaccordingtoBox 8).120

The ManagersshallprovidethefollowingservicesfortheVessel in accordancewith theOwners’instructions,121

whichshallincludebutnotbelimitedto:122

(a)seekingandnegotiatingemploymentfortheVesselandtheconclusion(includingtheexecutionthereof)123

ofcharterpartiesorothercontractsrelating to theemploymentoftheVessel.Ifsuch a contractexceedsthe124

periodstated in Box9,consenttheretoinwritingshallfirst be obtained from the Owners;125

(b)arrangingfortheprovisionofbunkerfuelsofthequalityspecifiedbythe Ownersasrequiredforthe126

Vessel’strade;127

(c)voyageestimatingandaccountingandcalculationofhire,freights,demurrageand/ordespatchmonies128

duefromorduetothecharterersoftheVessel;assistinginthecollectionofanysumsduetotheOwners129

relatedtothecommercialoperationoftheVesselinaccordancewithClause 11(IncomeCollectedand130

Expenses Paid on Behalf of Owners);131

IfanyoftheservicesunderSub-clauses6(a),6(b)and 6(c)aretobeexcludedfromtheManagementFee,remuneration132

fortheseservicesmust be statedinAnnex E(FeeSchedule).SeeSub-clause12(e).133

(d)issuingvoyageinstructions;134

(e)appointing agents;135

(f)appointing stevedores; and136

(g)arrangingsurveysassociatedwith thecommercialoperationoftheVessel.137

7.Insurance Arrangements138

(onlyapplicableifagreedaccordingtoBox 11).139

The ManagersshallarrangeinsurancesinaccordancewithClause 10(InsurancePolicies),onsuchtermsas140

theOwnersshallhaveinstructedoragreed, in particularregardingconditions,insuredvalues,deductibles,141

franchisesandlimitsofliability.142

8.Managers’ Obligations143

(a)The ManagersundertaketousetheirbestendeavourstoprovidetheManagementServicesasagents144

forandonbehalfoftheOwnersinaccordancewithsoundshipmanagementpracticeandtoprotectand145

promotetheinterestsoftheOwners in allmattersrelatingtotheprovisionofserviceshereunder.146

Providedhowever,thatintheperformanceoftheirmanagementresponsibilitiesunderthisAgreement,the147

Managersshallbeentitledtohaveregardtotheiroverallresponsibility inrelationtoallvesselsasmayfrom148

timetotimebeentrustedtotheirmanagementandinparticular,butwithoutprejudicetothegeneralityof149

theforegoing,theManagersshallbeentitledtoallocateavailablesupplies,manpowerandservicesinsuch150

mannerasintheprevailingcircumstancestheManagersintheirabsolutediscretionconsidertobefairand151

reasonable.152

(b)WheretheManagers are providingtechnicalmanagementservices in accordancewithClause 4 (Technical153

Management),theyshallprocurethattherequirementsoftheFlagState are satisfiedandtheyshallagree154

tobeappointedastheCompany,assumingtheresponsibilityfortheoperationoftheVesselandtakingover155

thedutiesandresponsibilitiesimposedbytheISMCode and theISPSCode,ifapplicable.156

9.Owners’ Obligations157

(a)The Ownersshallpayallsumsduetothe Managerspunctually inaccordancewith the termsofthis158

Agreement.IntheeventofpaymentaftertheduedateofanyoutstandingsumstheManagershallbeentitled159

tochargeinterestattheratestatedin Box13.160

(b)WheretheManagers are providingtechnicalmanagementservices in accordancewithClause 4 (Technical161

Management),theOwnersshall:162

(i)report(orwheretheOwnersarenottheregisteredownersoftheVesselprocurethattheregistered163

ownersreport)totheFlagStateadministrationthedetailsoftheManagersastheCompanyasrequired164

tocomplywiththeISMandISPSCodes;165

(ii)procurethatanyofficersandratingssuppliedbythemorontheirbehalfcomplywiththerequirements166

ofSTCW95;and167

(iii)instruct such officers and ratings to obeyall reasonable orders ofthe Managers (in their capacityas the168

Company)inconnectionwiththeoperation of theManagers’safetymanagementsystem.169

(c)WheretheManagers are not providingtechnicalmanagementservicesinaccordancewithClause4170

(TechnicalManagement),theOwnersshall:171

(i)procurethattherequirementsoftheFlagState aresatisfiedandnotifytheManagersuponexecutionof172

thisAgreementofthenameandcontactdetailsoftheorganizationthatwillbetheCompany by completing173

Box5;174

(ii)iftheCompanychangesatanytimeduringthisAgreement,notifythe Managersin a timely mannerof175

thenameandcontactdetailsofthe neworganization;176

(iii)procurethatthedetailsoftheCompany,includinganychangethereof,arereportedtotheFlagState177

administrationasrequiredtocomplywith theISMand ISPSCodes. The OwnersshalladvisetheManagers178

in a timelymannerwhentheFlagStateadministrationhasapprovedtheCompany;and179

(iv)unlessotherwise agreed,arrangeforthesupply ofprovisionsattheirownexpense.180

(d)WheretheManagers are providingcrewmanagementservicesinaccordancewithSub-clause5(a)the181

Ownersshall:182

(i)informtheManagerspriortoorderingtheVessel to any excluded or additionalpremiumareaunder183

any oftheOwners’Insurancesbyreasonofwarrisksand/orpiracy orlikeperilsandpaywhatever184

additionalcostsmayproperlybe incurredbytheManagersas a consequenceofsuchordersincluding,185

if necessary, the costs of replacing anymember ofthe Crew.Anydelays resulting fromnegotiation186

with or replacement of anymember of the Crewasa resultoftheVesselbeingorderedtosuchanarea187

shallbefortheOwners’account.ShouldtheVesselbewithinanareawhichbecomesanexcludedor188

additionalpremiumareatheaboveprovisionsrelatingtocostanddelayshallapply;189

(ii)agreewith theManagerspriortoanychange offlagoftheVesselandpaywhateveradditionalcosts190

mayproperlybe incurred bythe Managers as aconsequenceofsuchchange.Ifagreementcannotbe191

reachedtheneitherparty mayterminatethisAgreementinaccordancewithSub-clause22(e); and192

(iii)provide,atnocosttotheManagers,inaccordancewiththerequirementsofthe lawoftheFlagState,193

or higher standard, as mutuallyagreed, adequate Crewaccommodationandlivingstandards.194

(e)WheretheManagers are not theCompany,theOwnersshallensurethatCreware properly familiarised195

with theirdutiesinaccordancewith theVessel’sSMSandthatinstructionswhich are essentialtotheSMS196

areidentified,documentedandgiventotheCrewpriortosailing.197

10.InsurancePolicies198

The Ownersshallprocure,whether by instructingtheManagersunder Clause 7(Insurance Arrangements)199

orotherwise,thatthroughouttheperiodofthisAgreement:200

(a)at theOwners’expense,theVesselisinsuredfornotlessthanitssoundmarketvalueorenteredforits201

full gross tonnage, as the case maybe for:202

(i)hullandmachinery marinerisks(includingbutnotlimitedtocrewnegligence)andexcessliabilities;203

(ii)protectionandindemnity risks(includingbutnotlimitedtopollutionrisks,diversionexpensesand,204

excepttotheextentinsuredseparatelyby theManagersinaccordancewith Sub-clause5(b)(i), Crew205

Insurances;206

NOTE:IftheManagers are notproviding crewmanagement services under Sub-clause5(a)(Crew207

Management)orhaveagreednottoprovideCrewInsurancesseparately in accordancewithSub-clause208

5(b)(i),thensuchinsurancesmust be includedintheprotectionandindemnityriskscoverfortheVessel(see209

Sub-clause10(a)(ii)above).210

(iii)warrisks(includingbutnotlimitedtoblockingandtrapping,protectionandindemnity,terrorismandcrew211

risks);and212

(iv)such optional insurances as maybeagreed(suchaspiracy,kidnapandransom,lossofhireand213

FDD)(see Box12)214

Sub-clauses10(a)(i)through 10(a)(iv)allinaccordancewith thebestpracticeofprudentownersofvessels215

of a similartype totheVessel,withsoundandreputableinsurancecompanies,underwritersorassociations216

(“theOwners’Insurances”);217

(b)allpremiumsandcallsontheOwners’Insurancesarepaidbytheirduedate;218

(c)theOwners’InsurancesnametheManagersand,subjecttounderwriters’agreement,anythirdparty219

designated bythe Managers as a joint assured,with fullcover.Itisunderstoodthat in somecases,suchas220

protectionandindemnity,thenormaltermsforsuchcovermayimposeontheManagersandanysuchthird221

party a liability inrespectofpremiumsorcallsarisinginconnectionwiththeOwners’Insurances.222

Ifobtainableatnoadditionalcost,however,theOwnersshallprocuresuchinsurancesontermssuchthat223

neithertheManagersnoranysuchthirdparty shallbeunderanyliabilityinrespectofpremiumsorcallsarising224

inconnectionwith theOwners’Insurances.Inanyevent,ontermination of thisAgreementinaccordance225

with Clause 21(DurationoftheAgreement)and Clause 22(Termination),theOwnersshallprocurethatthe226

Managersandanythirdparty designatedbytheManagersasjointassuredshallceasetobejointassured227

and,ifreasonably achievable,thattheyshallbereleasedfromany andallliabilityforpremiumsandcalls228

thatmayariseinrelationtotheperiodofthisAgreement;and229

(d)writtenevidenceisprovided,tothereasonable satisfactionoftheManagers,oftheOwners’compliance230

with theirobligationsunderthisClause 10within a reasonabletimeofthecommencementoftheAgreement,231

andofeachrenewaldateand,ifspecifically requested,ofeachpaymentdateoftheOwners’Insurances.232

11.IncomeCollectedandExpensesPaidonBehalfof Owners233

(a)ExceptasprovidedinSub-clause11(c)all monies collected bythe Managersunderthetermsofthis234

Agreement(otherthanmoniespayable by theOwners totheManagers)andanyinterestthereonshallbe235

heldtothecreditoftheOwnersin a separatebankaccount.236

(b)AllexpensesincurredbytheManagersunderthetermsofthisAgreementonbehalfoftheOwners237

(includingexpensesasprovidedin Clause12(c)) maybe debited against the Ownersintheaccountreferredto238

underSub-clause11(a)butshallinanyeventremainpayable bytheOwnerstotheManagersondemand.239

(c)All monies collected bythe Managers underClause 6(CommercialManagement)shallbepaidintoa240

bankaccountinthenameoftheOwnersorasmay beotherwiseadvisedbytheOwnersinwriting.241

12.Management Fee and Expenses242

(a)The OwnersshallpaytotheManagersanannualmanagementfeeasstatedin Box14fortheirservices243

asManagersunderthisAgreement,whichshallbepayable in equalmonthlyinstalmentsinadvance,thefirst244

instalment(prorataifappropriate)beingpayableonthecommencementofthisAgreement(seeClause 2245

(CommencementandAppointment)andBox 2)andsubsequentinstalmentsbeingpayableatthebeginning246

ofeverycalendarmonth. Themanagementfeeshall bepayabletotheManagers’nominatedaccountstated247

in Box 15.248

(b)The managementfeeshallbesubjecttoanannualreviewandtheproposedfeeshall be presentedin249

theannualbudgetinaccordancewithSub-clause13(a).250

(c)The Managersshall,atnoextracosttotheOwners,providetheirownofficeaccommodation,officestaff,251

facilitiesandstationery.WithoutlimitingthegeneralityofthisClause 12(ManagementFeeandExpenses)the252

OwnersshallreimbursetheManagersforpostageandcommunicationexpenses,travellingexpenses,and253

otheroutofpocketexpensesproperly incurredby theManagersinpursuanceoftheManagementServices.254

Any daysusedbytheManagers’personneltravellingto orfromorattendingontheVesselorotherwiseused255

inconnectionwith theManagementServicesinexcessofthoseagreedinthebudgetshallbechargedat256

thedailyratestatedin Box16.257

(d)IftheOwnersdecidetolayuptheVesselandsuchlayuplastsformorethanthenumberofmonths258

statedinBox17,anappropriatereductionoftheManagementFeefortheperiodexceedingsuchperiod259

untilonemonthbeforetheVesselisagainputintoserviceshall be mutually agreedbetweentheparties.If260

theManagersareproviding crewmanagementservices in accordancewith Sub-clause5(a),consequential261

costsofreductionandreinstatementofthe CrewshallbefortheOwners’account.Ifagreementcannotbe262

reachedtheneitherparty mayterminatethisAgreementinaccordancewithSub-clause22(e).263

(e)Saveasotherwise providedinthisAgreement,alldiscountsandcommissionsobtainedby theManagers264

inthecourseoftheperformanceoftheManagementServicesshallbecreditedtotheOwners.265

13.Budgets and Management of Funds266

(a)The Managers’initialbudgetissetout inAnnex“C”hereto.Subsequentbudgetsshallbefortwelve267

monthperiodsandshallbeprepared by theManagersandpresentedtotheOwnersnotlessthanthree268

monthsbeforetheendofthebudgetyear.269

(b)The OwnersshallstatetotheManagersin a timely manner,butin any eventwithinonemonthof270

presentation,whetherornotthey agreetoeachproposedannualbudget. The partiesshallnegotiateingood271

faithandiftheyfailtoagreeon theannualbudget,includingthemanagementfee,eitherpartymayterminate272

thisAgreementinaccordancewith Sub-clause 22(e).273

(c)Followingtheagreementofthebudget,theManagersshallprepareandpresenttotheOwnerstheir274

estimateoftheworkingcapitalrequirementfortheVesselandshalleachmonthrequesttheOwnersinwriting275

topaythefundsrequiredtoruntheVesselfortheensuingmonth,includingthepaymentofany occasionalor276

extraordinaryitemofexpenditure,suchasemergencyrepaircosts,additionalinsurancepremiums,bunkers277

orprovisions.SuchfundsshallbereceivedbytheManagerswithintenrunningdaysafterthereceiptbythe278

OwnersoftheManagers’writtenrequestandshallbeheldtothecreditoftheOwnersin a separatebank279

account.280

(d)The ManagersshallatalltimesmaintainandkeeptrueandcorrectaccountsinrespectoftheManagement281

Services in accordancewiththerelevantInternationalFinancialReportingStandardsorsuchotherstandard282

asthepartiesmayagree,includingrecordsofallcosts andexpenditureincurred,andproduce a comparison283

betweenbudgetedandactualincomeandexpenditureoftheVesselinsuchformandatsuchintervalsas284

shallbemutuallyagreed.285

The ManagersshallmakesuchaccountsavailableforinspectionandauditingbytheOwnersand/ortheir286

representativesintheManagers’officesorby electronicmeans,providedreasonablenoticeisgiven bythe287

Owners.288

(e)Notwithstandinganythingcontainedherein, theManagersshall in nocircumstances be requiredto use289

orcommittheirownfundstofinancetheprovisionoftheManagementServices.290

14.Trading Restrictions291

IftheManagersareprovidingcrewmanagementservices in accordancewith Sub-clause 5(a)(Crew292

Management),theOwnersandtheManagerswill,priorto thecommencementofthisAgreement, agree on any293

tradingrestrictionstotheVesselthatmayresultfromtheterms and conditions of the Crew’semployment.294

15.Replacement295

IftheManagersareprovidingcrewmanagementservices in accordancewith Sub-clause 5(a)(Crew296

Management),theOwnersmayrequire the replacement, attheir ownexpense,atthenextreasonable297

opportunity,ofanymemberofthe Crewfoundonreasonablegroundstobeunsuitableforservice.Ifthe298

ManagershavefailedtofulfiltheirobligationsinprovidingsuitablequalifiedCrew within the meaningofSub-299

clause5(a)(CrewManagement),thensuchreplacementshallbeattheManagers’expense.300

16.Managers’Rightto Sub-Contract301

The Managersshallnotsubcontractany oftheirobligationshereunderwithout thepriorwrittenconsentof302

theOwnerswhichshallnotbeunreasonablywithheld.Intheeventofsucha sub-contracttheManagers303

shallremainfullyliableforthedueperformanceoftheirobligationsunderthisAgreement.304

17.Responsibilities305

(a)ForceMajeure306

Neitherpartyshallbeliableforanyloss,damageordelayduetoanyofthefollowingforcemajeureevents307

and/orconditionstotheextentthattheparty invokingforcemajeureispreventedorhinderedfrom308

performinganyoralloftheirobligationsunderthisAgreement,providedthey havemadeall309

reasonableeffortstoavoid,minimizeorpreventtheeffectofsucheventsand/orconditions:310

(i)actsof God;311

(ii)anyGovernmentrequisition,control,intervention,requirementorinterference;312

(iii)anycircumstancesarisingoutofwar,threatenedactofwarorwarlikeoperations,actsofterrorism,313

sabotageorpiracy,ortheconsequencesthereof;314

(iv)riots,civilcommotion,blockadesorembargoes;315

(v)epidemics;316

(vi)earthquakes,landslides,floodsorother extraordinaryweatherconditions;317

(vii)strikes,lockoutsorotherindustrialaction,unlesslimitedtotheemployees(whichshallnotincludethe318

Crew)ofthepartyseekingtoinvokeforcemajeure;319

(viii)fire,accident,explosionexceptwherecausedby negligenceofthepartyseekingtoinvokeforcemajeure;320

and321

(ix)anyothersimilarcausebeyondthereasonablecontrolofeitherparty.322

(b)LiabilitytoOwners323

(i)Without prejudicetoSub-clause17(a),theManagersshallbeundernoliabilitywhatsoevertotheOwners324

forany loss,damage,delayorexpenseofwhatsoevernature,whetherdirectorindirect,(includingbut325

notlimitedtolossofprofitarisingoutoforinconnectionwith detentionofor delayto the Vessel) and326

howsoeverarisinginthecourseofperformanceoftheManagementServicesUNLESSsameisproved327

tohaveresultedsolelyfromthenegligence,grossnegligenceorwilfuldefaultoftheManagersortheir328

employeesoragents,orsub-contractorsemployedby themin connection with the Vessel, inwhich case329

(savewhereloss,damage,delayorexpensehasresultedfromtheManagers’personalactoromission330

committedwiththeintenttocausesameorrecklesslyandwith knowledgethatsuchloss,damage,331

delay orexpensewouldprobablyresult)theManagers’liabilityforeachincidentorseriesofincidents332

givingriseto aclaimorclaimsshallneverexceed atotaloften(10)timestheannualmanagementfee333

payablehereunder.334

(ii)ActsoromissionsoftheCrew- Notwithstandinganythingthatmay appeartothecontrary inthis335

Agreement,theManagersshallnotbeliableforanyactsoromissionsoftheCrew,evenifsuchacts336

oromissions are negligent,grossly negligentorwilful,exceptonlytotheextentthatthey areshownto337

haveresultedfrom a failure by theManagerstodischargetheirobligationsunderClause5(a)(Crew338

Management),inwhichcasetheirliabilityshallbelimitedinaccordancewiththetermsofthisClause339

17(Responsibilities).340

(c)Indemnity341

Excepttotheextentandsolely fortheamountthereinsetoutthattheManagerswouldbeliableunder342

Sub-clause17(b),theOwnersherebyundertaketokeeptheManagersandtheiremployees,343

agentsandsub-contractorsindemnifiedandtoholdthemharmlessagainstallactions,proceedings,claims,344

demandsorliabilitieswhatsoeverorhowsoeverarisingwhichmay bebroughtagainstthemorincurred or345

sufferedby themarisingoutoforinconnectionwiththeperformanceofthisAgreement,andagainstandin346

respectofallcosts,loss,damagesandexpenses(includinglegalcostsandexpenseson a fullindemnity347

basis)whichtheManagers maysufferorincur(eitherdirectlyorindirectly)inthecourseoftheperformance348

ofthisAgreement.349

(d)“Himalaya”350

Itishereby expressly agreedthatnoemployeeor agentoftheManagers(includingevery351

sub-contractor from time to timeemployedbythe Managers)shallinanycircumstanceswhatsoeverbe352

underanyliabilitywhatsoevertotheOwnersforanyloss,damageordelay ofwhatsoeverkindarisingor353

resultingdirectly orindirectlyfromanyact,neglectordefaultonhispartwhileactinginthecourseoforin354

connectionwithhisemploymentand,withoutprejudiceto thegeneralityoftheforegoingprovisions in this355

Clause 17(Responsibilities),every exemption,limitation,conditionandlibertyhereincontainedandevery356

right,exemptionfromliability,defenceandimmunity ofwhatsoevernatureapplicabletotheManagersorto357

whichtheManagers are entitledhereundershallalsobeavailableandshallextendtoprotecteverysuch358

employeeoragentoftheManagersacting asaforesaidandforthepurposeofalltheforegoingprovisions359

ofthis Clause 17(Responsibilities)theManagersareorshallbedeemedtobeactingasagentortrustee360

onbehalfofandforthebenefitofallpersonswho are ormightbetheirservantsoragentsfromtimetotime361

(includingsub-contractorsasaforesaid)andallsuchpersonsshalltothisextentbeorbedeemedtobe362

partiestothisAgreement.363

18.GeneralAdministration364

(a)The ManagersshallkeeptheOwnersand,ifappropriate,theCompanyinformedina timelymannerof365

anyincidentofwhichtheManagersbecomeawarewhichgivesormay giverisetodelayto theVesselor366

claimsordisputesinvolvingthirdparties.367

(b)The ManagersshallhandleandsettleallclaimsanddisputesarisingoutoftheManagementServices368

hereunder,unlesstheOwnersinstructtheManagersotherwise. The Managersshallkeep theOwners369

appropriately informed ina timelymannerthroughoutthehandlingofsuchclaimsanddisputes.370

(c)The Owners mayrequest the Managers tobringordefendotheractions,suitsorproceedingsrelated371

totheManagementServices,ontermstobeagreed.372

(d)The Managersshallhave powertoobtainappropriate legalortechnicalorotheroutsideexpertadvicein373

relationtothehandlingandsettlementofclaimsinrelation to Sub-clauses18(a)and 18(b) anddisputesand374

anyothermattersaffectingtheinterestsoftheOwnersinrespectoftheVessel,unlesstheOwnersinstruct375

theManagersotherwise.376

(e)On giving reasonable notice, the Owners mayrequest,andtheManagersshallin a timely mannermake377

available,alldocumentation,information and recordsin respect of the matterscovered bythis Agreement378

eitherrelatedtomandatoryrulesorregulationsorotherobligationsapplyingtotheOwnersinrespectof379

theVessel(includingbutnotlimitedtoSTCW95,theISMCodeandISPSCode)totheextentpermittedby380

relevantlegislation.381

Ongivingreasonablenotice,theManagersmayrequest,andtheOwnersshall ina timely mannermake382

available,alldocumentation,informationandrecordsreasonablyrequired bythe Managerstoenablethem383

toperformtheManagementServices.384

(f)TheOwnersshallarrangefortheprovisionofanynecessaryguaranteebondorothersecurity.385

(g)Anycosts incurred bythe Managers incarryingouttheirobligationsaccordingtothisClause 18(General386

Administration)shallbereimbursedby theOwners.387

19.InspectionofVessel388

The Owners may atanytimeaftergivingreasonablenoticetotheManagersinspecttheVesselforanyreason389

theyconsider necessary.390

20.CompliancewithLawsand Regulations391

The partieswillnotdoorpermittobedoneanythingwhichmightcauseanybreachorinfringementofthe392

lawsandregulationsoftheFlagState,oroftheplaceswheretheVesseltrades.393

21.Duration of theAgreement394

(a)ThisAgreementshallcomeintoeffectatthedatestatedin Box2andshallcontinueuntilterminatedby395

eitherpartyby givingnoticetotheother;inwhicheventthisAgreementshallterminateupontheexpiration396

ofthelaterofthenumberofmonthsstated inBox18 or a periodoftwo(2)monthsfromthedateonwhich397

suchnoticeisreceived,unlessterminatedearlier in accordancewithClause 22(Termination).398

(b)WheretheVesselisnotat a mutually convenientportorplaceontheexpiry ofsuchperiod,thisAgreement399

shallterminateonthesubsequentarrivaloftheVesselatthenextmutuallyconvenientportorplace.400

22.Termination401

(a)Owners’orManagers’default402

IfeitherpartyfailstomeettheirobligationsunderthisAgreement,theotherpartymaygivenoticetothe403

partyin defaultrequiring them to remedyit. In the event thatthepartyindefaultfailstoremedy itwithin a404

reasonabletimetothereasonablesatisfactionoftheotherparty,thatparty shallbeentitledtoterminatethis405

Agreementwith immediateeffectbygivingnoticetothe partyindefault.406

(b)NotwithstandingSub-clause22(a):407

(i)The ManagersshallbeentitledtoterminatetheAgreementwith immediateeffect by givingnoticetothe408

OwnersifanymoniespayablebytheOwnersand/ortheownersofanyassociatedvessel,detailsof409

whicharelistedinAnnex “D”,shallnothavebeenreceived in theManagers’nominatedaccountwithin410

ten(10)daysof receipt bytheOwnersoftheManagers’ writtenrequest,oriftheVesselisrepossessedby411

theMortgagee(s).412

(ii)If theOwnersproceedwith theemploymentoforcontinuetoemploytheVesselinthecarriageof413

contraband,blockaderunning,orinanunlawfultrade,oron a voyagewhichinthereasonableopinion414

oftheManagersisunduly hazardousorimproper,theManagersmay givenoticeofthedefaulttothe415

Owners,requiringthemtoremedy itassoonaspracticallypossible.IntheeventthattheOwnersfailto416

remedy itwithin a reasonabletimetothesatisfactionoftheManagers,theManagersshallbeentitled417

toterminatetheAgreementwithimmediateeffectbynotice.418

(iii)IfeitherpartyfailstomeettheirrespectiveobligationsunderSub-clause5(b)(CrewInsurances)and419

Clause 10(InsurancePolicies),theother partymay givenoticetothepartyindefaultrequiringthemto420

remedy itwithin ten(10)days,failingwhich the otherparty mayterminatethisAgreementwithimmediate421

effect bygiving notice to the partyindefault.422

(c)ExtraordinaryTermination423

ThisAgreementshallbedeemedtobeterminatedinthecase ofthesaleoftheVesselor,iftheVessel424

becomes a totallossorisdeclaredas a constructiveorcompromisedorarrangedtotallossorisrequisitioned425

orhasbeendeclaredmissingor,ifbareboatchartered,unless otherwise agreed,when the bareboat charter426

comestoanend.427

(d)ForthepurposeofSub-clause22(c)hereof:428

(i)thedateuponwhichtheVesselistobetreatedashavingbeensoldorotherwise disposedofshallbe429

thedateonwhichtheVessel’sownersceasetobetheregisteredownersoftheVessel;430

(ii)theVesselshallbedeemedtobelosteitherwhenithasbecomeanactualtotal loss oragreementhas431

beenreachedwith theVessel’sunderwritersinrespectofitsconstructivetotallossorifsuchagreement432

with theVessel’sunderwritersisnotreached it isadjudgedby a competenttribunalthat aconstructive433

lossoftheVesselhasoccurred;and434

(iii)thedateuponwhichtheVesselistobetreatedasdeclaredmissingshallbeten(10)daysaftertheVessel435

waslastreportedorwhentheVesselisrecordedasmissingbytheVessel’sunderwriters,whichever436

occursfirst. Amissingvesselshallbedeemedlostinaccordancewith theprovisionsofSub-clause22(d)437

(ii).438

(e)Intheeventthepartiesfailtoagreethe annualbudgetinaccordancewith Sub-clause 13(b), or to agree439

a changeofflaginaccordancewith Sub-clause9(d)(ii),ortoagreeto a reductionintheMangementFeein440

accordancewith Sub-clause12(d), either partymayterminate this Agreement bygiving the other partynot441

lessthanonemonth’snotice,theresultofwhichwill be theexpiry oftheAgreementattheendofthecurrent442

budgetperiodoronexpiry ofthenoticeperiod,whicheveristhelater.443

(f)ThisAgreementshallterminateforthwithintheeventofanorderbeingmadeorresolutionpassed444

forthewindingup,dissolution,liquidationorbankruptcyofeitherparty (otherwisethanforthepurposeof445

reconstructionoramalgamation)orif a receiveroradministratorisappointed,orifitsuspendspayment,446

ceasestocarryonbusinessormakesanyspecialarrangementorcompositionwithitscreditors.447

(g)IntheeventoftheterminationofthisAgreementforanyreasonotherthandefaultbytheManagersthe448

managementfeepayabletotheManagersaccordingtotheprovisionsofClause 12(ManagementFeeand449

Expenses),shallcontinuetobepayablefor a furtherperiodofthenumberofmonthsstatedin Box19as450

fromtheeffectivedateoftermination.If Box19 isleftblankthenninety(90)daysshallapply.451

(h)Inaddition,wheretheManagersprovideCrewfortheVessel in accordancewith Clause5(a)(Crew452

Management):453

(i)theOwnersshallcontinuetopayCrewSupportCostsduringthesaidfurtherperiodofthenumberof454

monthsstatedinBox 19; and455

(ii)theOwnersshallpayanequitableproportionofanySeveranceCostswhichmaybeincurred,not456

exceedingtheamountstatedinBox 20. The Managersshallusetheirreasonableendeavourstominimise457

suchSeveranceCosts.458

(i)On the termination, forwhatever reason, of thisAgreement,theManagersshallreleasetotheOwners,459

ifsorequested,theoriginalswherepossible,orotherwisecertifiedcopies,ofallaccountsandalldocuments460

specificallyrelatingtotheVesselanditsoperation.461

(j)The terminationofthisAgreementshallbewithoutprejudicetoallrightsaccruedduebetweentheparties462

priortothedateoftermination.463

23.BIMCO Dispute Resolution Clause464

(a)ThisAgreementshallbegovernedby andconstrued inaccordance with English lawand anydispute465

arisingoutoforinconnectionwith thisAgreementshallbereferredtoarbitration in Londoninaccordancewith466

theArbitrationAct1996or any statutorymodificationorre-enactmentthereofsavetotheextentnecessary467

togiveeffecttotheprovisionsofthisClause.468

The arbitrationshallbeconductedinaccordancewiththeLondonMaritimeArbitratorsAssociation(LMAA)469

Termscurrent atthetimewhen thearbitrationproceedingsarecommenced.470

The referenceshallbetothreearbitrators. Apartywishingtorefer a disputetoarbitrationshallappointits471

arbitratorandsendnoticeofsuchappointmentinwritingtotheotherpartyrequiringtheotherparty toappoint472

itsownarbitratorwithin14calendardaysofthatnoticeandstatingthatitwillappointitsarbitratorassole473

arbitratorunlesstheotherparty appointsitsownarbitratorandgivesnoticethatithasdonesowithinthe474

14daysspecified.Iftheotherparty doesnotappointitsownarbitratorandgivenoticethatithasdoneso475

withinthe14daysspecified,theparty referring a disputetoarbitrationmay,withouttherequirementofany476

furtherpriornoticetotheotherparty,appointitsarbitratorassolearbitratorandshalladvisetheotherparty477

accordingly. The awardof a solearbitratorshallbebindingonbothpartiesasifhehadbeenappointedby478

agreement.479

Nothinghereinshallpreventthepartiesagreeing inwritingtovarytheseprovisionstoprovideforthe480

appointmentof a solearbitrator.481

IncaseswhereneithertheclaimnoranycounterclaimexceedsthesumofUSD50,000(orsuchothersum482

asthepartiesmayagree)thearbitrationshallbeconductedinaccordancewith theLMAASmallClaims483

Procedurecurrentatthetimewhen thearbitrationproceedingsarecommenced.484

(b)ThisAgreementshallbegovernedby andconstrued in accordancewith Title 9 oftheUnitedStatesCode485

andtheMaritime LawoftheUnitedStatesandany disputearisingoutoforinconnectionwith thisAgreement486

shallbereferredtothreepersonsat NewYork,onetobeappointed by eachofthepartieshereto,andthe487

third bythe two so chosen; their decision or that of anytwoofthemshallbefinal,andforthepurposesof488

enforcingany award,judgmentmaybeenteredonanaward by anycourtofcompetentjurisdiction.The489

proceedingsshallbeconductedinaccordancewith therulesoftheSociety ofMaritimeArbitrators,Inc.490

IncaseswhereneithertheclaimnoranycounterclaimexceedsthesumofUSD50,000(orsuchothersum491

asthepartiesmayagree)thearbitrationshallbeconducted inaccordancewith theShortenedArbitration492

ProcedureoftheSocietyofMaritimeArbitrators,Inc.currentatthetimewhenthearbitrationproceedings493

arecommenced.494

(c)ThisAgreementshall be governedby andconstruedin accordancewith thelawsoftheplacemutually495

agreedby thepartiesandany disputearisingoutoforinconnectionwiththisAgreementshall be referred496

toarbitrationata mutually agreedplace,subjecttotheproceduresapplicablethere.497

(d)NotwithstandingSub-clauses23(a),23(b)or23(c)above, the partiesmayagreeat anytime torefer to498

mediationanydifferenceand/ordisputearisingoutoforinconnectionwiththisAgreement.499

(i)Inthecaseof a disputeinrespectof whicharbitrationhasbeencommencedunderSub-clauses23(a),500

23(b)or23(c)above,thefollowingshallapply:501

(ii)Either partymayat anytime and from time to timeelect to refer the dispute or part of the dispute to502

mediationby serviceontheotherparty of a writtennotice(the“MediationNotice”)callingontheother503

partytoagreetomediation.504

(iii)The otherpartyshallthereuponwithin 14calendardaysofreceiptoftheMediationNoticeconfirmthat505

they agreetomediation,inwhichcasethepartiesshallthereafteragree amediatorwithin a further14506

calendardays,failingwhichontheapplicationofeitherparty a mediatorwillbeappointedpromptlyby507

theArbitrationTribunal(“theTribunal”)orsuchpersonastheTribunalmaydesignateforthatpurpose.508

The mediationshallbeconductedinsuchplaceandinaccordancewithsuchprocedureand on such509

termsasthepartiesmay agreeor,intheeventofdisagreement, as maybe set bythemediator.510

(iv)Ifthe other partydoesnot agree to mediate, thatfact maybe brought to the attention of the Tribunal511

andmaybetakenintoaccountbytheTribunalwhenallocatingthecostsofthearbitrationasbetween512

theparties.513

(v)The mediationshallnotaffecttherightofeitherparty toseeksuchreliefortakesuchstepsasitconsiders514

necessaryto protect its interest.515

(vi)Either partymayadvisethe Tribunal that theyhaveagreedtomediation. The arbitrationprocedureshall516

continueduringtheconductofthemediationbuttheTribunalmaytakethemediationtimetableinto517

accountwhensettingthetimetableforstepsinthearbitration.518

(vii)Unlessotherwise agreedorspecified in themediationterms,eachpartyshallbearitsowncostsincurred519

inthemediationandthepartiesshallshareequallythemediator’scostsandexpenses.520

(viii)The mediationprocessshallbewithoutprejudiceandconfidentialandnoinformationordocuments521

disclosedduringitshallberevealedtotheTribunalexcepttotheextentthattheyare disclosableunder522

the lawandproceduregoverningthearbitration.523

(Note:Thepartiesshouldbeawarethatthe mediationprocessmaynotnecessarilyinterrupttimelimits.)524

(e)IfBox21 in Part I is not appropriatelyfilled in, Sub-clause 23(a)ofthisClauseshallapply.525

Note:Sub-clauses23(a),23(b)and 23(c)are alternatives;indicatealternativeagreed inBox21. Sub-clause526

23(d)shallapplyinallcases.527

24.Notices528

(a)All notices given byeither partyor theiragents totheother partyor their agents in accordancewith the529

provisionsofthisAgreementshallbeinwritingandshall,unlessspecificallyprovidedinthisAgreementto530

thecontrary,besenttotheaddressforthatotherparty assetoutinBoxes 22 and23orasappropriateor531

tosuchotheraddressastheotherparty maydesignate in writing.532

A noticemaybesentbyregisteredorrecordedmail,facsimile,electronicallyordeliveredby handinaccordance533

with thisSub-clause24(a).534

(b)AnynoticegivenunderthisAgreementshalltakeeffectonreceiptbytheotherparty andshallbedeemed535

tohavebeenreceived:536

(i)ifposted, ontheseventh(7th)day afterposting;537

(ii)if sent byfacsimile or electronically, on the dayof transmission; and538

(iii)ifdeliveredbyhand,ontheday ofdelivery.539

Andineachcaseproofofposting,handinginortransmissionshallbeproofthatnoticehasbeengiven,540

unlessproventothecontrary.541

25.EntireAgreement542

ThisAgreementconstitutestheentireagreementbetweenthepartiesandnopromise,undertaking,543

representation,warranty orstatementby eitherpartypriortothedatestatedin Box2shall affect this544

Agreement.AnymodificationofthisAgreementshallnotbeofanyeffectunless inwritingsigned by or on545

behalfoftheparties.546

26.Third PartyRights547

Except to the extent provided in Sub-clauses17(c) (Indemnity)and 17(d)(Himalaya),nothirdpartiesmay548

enforce anyterm of this Agreement.549

27.PartialValidity550

IfanyprovisionofthisAgreementisorbecomesorisheldby anyarbitratororothercompetentbody tobe551

illegal,invalid or unenforceableinanyrespectunderany laworjurisdiction,theprovisionshallbedeemed552

tobeamendedtotheextentnecessary toavoidsuchillegality,invalidityorunenforceability,or,ifsuch553

amendmentisnotpossible,theprovisionshallbedeemedtobedeletedfromthisAgreementtotheextent554

ofsuchillegality,invalidity orunenforceability,andtheremainingprovisionsshallcontinueinfullforceand555

effectandshallnotinanywaybeaffectedorimpairedthereby.556

28.Interpretation557

In this Agreement:558

(a)Singular/Plural559

The singularincludesthepluralandviceversaasthecontextadmitsorrequires.560

(b)Headings561

The indexandheadingstotheclausesandappendicestothisAgreementareforconvenienceonly andshallnotaffect562

its construction or interpretation.563

(c)Day564

“Day” means a calendar dayunless expresslystated to the contrary.565

NameofVessel(s):ParticularsofVessel(s):

DetailsofCrew:

NumbersRankNationality

DateofAgreement:

Managers´initialbudgetwitheffectfrom thecommencementdateofthisAgreement(seeBox2):

NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX “D” THEY WILL BE SUBJECT TO THE PROVISIONS OFSUB-CLAUSE 22(b)(i)OF THIS AGREEMENT.

DateofAgreement:

DetailsofAssociatedVessels: