Interpreting and Managing Charterparty for Supply Vessels Geylang, Central

Course details

OSV Owners and the Charterers engage in very complex and high risk ventures with the prime objective of maximizing returns and minimizing risks. There is no benefit for either Party to be entangled in commercial or contractual disputes. But due to the abundance of uncertainties’ in the Offshore E & P business, priorities of the parties may differ, giving rise to conflicts. Conflicts can be managed through appropriate clauses in the Charterparty and pre-agreed forums, so as to avoid disputes. However the challenge is in defining and interpreting the so called “appropriate clauses of the Charterparty”.

The Charterparty Forms (“C/P”) refers the Standard Forms of Contract between the Offshore Service Vessel Owner (OSV Owner) and the hirer and or user of the OSV i.e. the Charterer. The Offshore E & P industry have been using OSVs since the 1950s but It is not the historical application of the Standard C/P Forms that will determine the success of the engagement instead it is the experience and understanding of the terms & conditions, by the individuals executing the Charterparty.

This training program is an advanced level course, with a hands-on workshop for management executives with prior knowledge of contract law and experience in Charterparty management. The course is designed from an operators and practitioner’s perspective, so as to equip the business owners and managers with necessary knowledge and expertise in shortest possible time, by learning from the bitter experiences of their predecessors.

Participants will be guided through a word-by-word review, evaluation and interpretation of the TIME CHARTER PARTY Forms like SUPPLYTIME, EPTIME and NOC CPA. Participants will also be exposed to the art of drafting of the project specific clauses or rider clauses.

Key Learning Outcomes

In this training course, participants will gain enhanced familiarity with the terms and conditions often used in the context of a Charterparty. At the end of the session, participants will be able to understand the common clauses used and how it should be applied:

• Interpret the meaning of each Clause and its implication;
• Identify the responsibilities and liabilities of the Parties;
• Translate the scope of services into actionable list of activities;
• Integrate the organizational objectives and economic factors into the Charterparty;
• Identify the risks & exposures and define risk sharing mechanism;
• Identify relevant insurance covers and mandatory requirements for the specific Charterparty;
• Analyse the indemnity clauses and waivers provided in the Charterparty;
• Familiarize with potential causes of conflicts and disputes;
• Identify ambiguities and irrelevant terms; and
• Learn to manage disputes in an efficient and cost effective manner.