In accordance with the good practice of prudent owners of vessels of the same nature as the vessel, with insurance companies, insurers or associations of the first order („owner insurance”); The administrators present a technical administration including, among other things, the following functions: the administrators provide, on request and in accordance with the owner`s instructions, technical assistance in connection with the sale of the ship, but do not control the sale or purchase of the vessel, including the execution of a sale or sale contract. Any time lost by the ship and the costs associated with the sale and purchase of the vessel are considered a contingency and not in the budget (see Section 8.10). Another important consideration is the direction of skills. The legislative and regulatory provisions contained in the Vessel Management Agreement should, where possible, be aligned with similar provisions in related contracts, such as charter parties and related joint venture agreements or joint enterprise agreements, with management characteristics. For example, if the corresponding investment agreements, joint venture or charter agreements for the managed fleet are subject to U.S. law and New York arbitration, it makes no sense to choose English law and London arbitration for SHIPMAN 2009, as consolidation of arbitration procedures becomes almost impossible in such circumstances and increases the potential for inconsistent outcomes. Third-party vessel management has grown strongly since the 1980s. Today, with about one-third of the world`s fleet under the leadership of third parties of any kind,1 ship managers appear in many maritime transactions for many reasons. For example: 1 See (last released on June 20, 2012).2 Id. 3 R, Giorgi, Challenges in Ship Management, Presentation at the Capital Link Forum, 2d Annual Invest in International Shipping Conference (March 20, 2008). 4 BIMCO, headquartered in Denmark, is the largest international organization representing shipowners, which control about 65% of the world`s tonnage, and has members in more than 120 countries. Members are stakeholders in the shipping industry, with a wide range of interests, including maritime intermediation, management, accounting and law.

BIMCO is also an accredited NGO. 5 A copy of SHIPMAN 2009 can be found on the BIMCO website: (most recently viewed on June 20, 2012).6 THE immediate predecessor of SHIPMAN 2009 was form SchiffMAN 98. 7 46 U.S.C 31341 (a) (3). See z.C.B Community Bank of LaFourche v.M/V MARY ANN VIZIER, 2012 U.S. Dist. LEXIS 66842 (E.D. La. May 14, 2012). 10 SHIPMAN 2009, part one, frame 18, part two, para. 21 bis).

11 Id.12 SHIPMAN 2009, Part I, Box, 21, and Part II, Section 5, paragraph 23. 13 SHIPMAN 2009, Part II, Section 5, paragraph 23, point e).14 See paragraph 5 infra.15 SHIPMAN 2009, Part II, Section 3, Clause 8 (a).16 Associated Transport Line, LLC v.

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