Lecture 5 Flashcards
1
Q
What is Redelivery?
A
The process of returning the vessel to the owner at the end of the C/P.
2
Q
What is Frustration in a C/P?
A
When performance becomes impossible or radically different without fault from either party, discharging all parties from further obligations.
3
Q
What are damages for Early Redelivery?
A
Difference between C/P rate and actual market rate for the remaining period.
4
Q
What are damages for Late Redelivery?
A
The difference between C/P rate and what the vessel could have earned on the market during the overrun period.
5
Q
What is an ‘Illegitimate Last Voyage’?
A
When a charterer orders a voyage that cannot reasonably be completed before the redelivery date.
