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Ship Broker Commission Agreement

2.8.1. The company may act without notice to the client as a broker for any other party or party or contracting entity, with respect to the same negotiations or contracts for which the client has mandated the company or other negotiations or contracts; and 17.2.3 If the other party does not appoint its own arbitrator and announces that it has done so during the 14 days above, the party transferring the dispute to arbitration may, without notice, appoint its arbitrator as an individual arbitrator and advise the other party accordingly. The decision of a single arbitrator is as binding as if he had been appointed by mutual agreement. BIMCO has extended its future ship financing suite by introducing SHIPLEASE, a sectoral standard for ship sales and leasing. SHIPLEASE is a sheet of indicative terminology for use in both operating leasing and leasing. It was designed primarily for used ships, but it can be adapted to new constructions. Has this situation been re-educated in your daily expedition or have you encountered similar situations in the past? If the broker receives information that you declare confidential or if it is expressly agreed that a fixture is confidential (in both cases "Confidential Information"), the broker will keep this confidential information confidential and will not disclose it to a third party without your prior permission. However, this obligation does not apply to information that (i) the broker has already been aware of or that will be known to the broker by other sources that are not subject to such a secret obligation (ii) are or become known to the market in general as a breach of that obligation, or (iii) that the broker has or is called upon to disclose under an order from a jurisdiction or other authority of this type. In all cases, this obligation of confidentiality ends 3 years after the completion of the fixture concerned or, in the absence of a completed arrangement, three years after the end of the negotiations. In other words, he may be liable for damages to entering into a new contract in order to avoid paying the commission to the broker. This also applies if the brokerage commission of the original contract is to be paid only on the basis of "no cure – no salary". 7.4 There is nothing in these conditions that prevents the broker from imposing a commission clause or any other clause that confers a third party benefit on them in accordance with the provisions of the fixture. 3.1 The broker will perform the services with the reasonable capacity and care expected of a professional broker.

According to the Supreme Court, the owner had been held liable to the broker by terminating the original contract with the charterer and replacing it with a new one, regardless of the right to commission the mail-order seller. The parties had a common interest in excluding distributors from the new contract, as they could then reduce commission fees. These terms and conditions apply to all transactions between you and the broker and take effect when you ask the broker to provide services or react to the broker with respect to the provision of services. These terms and conditions create a legally binding agreement between you and the broker (you, broker and services are defined below).