According to SHIPMAN 98, the manager is not liable unless the damage is caused by the negligence of his representative. Even if the damage is caused by negligence on the part of his agent, he may limit his liability to ten times the annual administration fee. This limitation does not apply if the loss is due to a personal act or omission of the manager committed with the intent to cause such a loss and knowing that such a loss would occur. The owner must compensate the manager in cases where he is not negligent or for amounts that exceed his limit of actual liability. This compensation does not apply if the manager has lost his right to the restriction. The clause also includes a Himalayan provision that gives the manager`s employees the same contractual protection against liability as that afforded to the manager. 6.3 The owners` insurances designate the managers and, subject to the consent of the subscribers, any third party designated by the managers as co-insured with full coverage, the owners receiving coverage for each of the insurances referred to in subclass 6.1: SHIPMAN is a ship management contract that may include crew, technical and commercial management, as well as insurance contracts relating to a ship. The last edition of this contract is SHIPMAN 2009. The referral is directed to three arbitrators. A party wishing to arbitrate a dispute shall appoint its arbitrator and provide the other party with written notice of such appointment requesting the other party to appoint its own arbitrator within 14 calendar days of such notice, and declares that it will appoint its arbitrator as sole arbitrator, unless the other party appoints its own arbitrator and notifies: that it has done so within the specified 14 days. If the other party fails to appoint its own arbitrator and notifies within the specified 14 days that it has done so, the party referring a dispute to arbitration without the need to inform the other party in advance may appoint its arbitrator as sole arbitrator and inform the other party. The arbitral award of a single arbitrator binds both parties as if it had been appointed by mutual agreement.

9.3 After agreeing on the budget, managers prepare their estimate of the vessel`s working capital requirements and present it to the owners, and managers update this estimate monthly. On this basis, the managers shall request in writing from the owners each month the funds necessary for the operation of the vessel for the following month, including the payment of occasional or exceptional expenses such as emergency repair costs, additional insurance premiums, bunkers or provisions. These funds are received by the managers within ten days of receipt of the managers` written request by the owners and held in a separate bank account for the owners` credit. Advice on music management contracts for ISM members. Notwithstanding anything to the contrary in this Agreement, the Manager shall at all times devote sufficient time, resources and personnel to providing the services provided for in this Agreement, and during the term of this Agreement, the Manager shall grant the Ship(s) covered herein in the search for employment and charter on any other Ship under the direction or currently under the direction of the Managers, Priority. The other party then confirms that it accepts mediation within 14 calendar days of receipt of the notice of mediation; in this case, the parties then agree to a mediator within an additional period of 14 calendar days, otherwise, at the request of one of the parties, a mediator will be appointed without delay by the arbitral tribunal (“the tribunal”) or a person designated by the arbitral tribunal for that purpose. Mediation shall be conducted in one place and in accordance with the procedure and conditions that the parties may agree or, in the event of disagreement, that may be determined by the mediator; 8.5 If the Owners decide to launch the Ship while this Agreement remains in force and such mooring takes more than three months, a reasonable reduction in administrative costs for the period from more than three months to one month prior to the return to service of the Ship shall be mutually agreed between the Parties. 8.4 In the event that the appointment of managers is terminated by the owners or managers in accordance with the provisions of articles 17 and 18, except due to a failure of the managers, or if the vessel is lost, sold or otherwise sold, the “management fees” payable to the managers in accordance with the provisions of subsection 8.1 shall be: continue to be payable for a further period of three calendar months from the date of termination. .