The new „security provision“ is included in clause 9 of this 2011 agreement. The inter-club agreement, also known as the ICA, first entered into force on 20 February 1970. This original version was first revised in 1984 and again in 1996. Currently, the latest version is the ICA 2011. The ICA was originally drafted by the International Group of P&I Club („the IG“) as an agreement between IG clubs, as they will recommend to their members to settle freight fees between owners and charterers registered in IG Clubs. Once incorporated into a charter party, the ICA becomes an agreement between the parties, not their respective clubs. It was designed to provide a simple mechanism for sharing freight rights between owners and charterers, and should be used with the New York Produce Exchange (NYPE) and Asbatime Form Charterparties. (10) This Agreement is governed by English law and falls under the exclusive jurisdiction of the English courts, unless it is incorporated into the Charter Party (or the settlement of freight claims under the Charter Party is subject to this Agreement), in which case it is subject to the laws and judicial provisions applicable to the Charterer Party. Agile Holdings Corporation v.

Essar Shipping Ltd („Maria“) [2018] EWHC 1055 (Comm) As the new agreement will come into effect on September 1, 2011, we recommend that it be included in all NYPE and Asbatime charters. Under this new provision, the right to security is reciprocal as soon as one of the parties to a party to the charter has provided security in respect of a request for freight, provided that the time limits set out in clause 6 of the agreement have been complied with. Comments: Although they are primarily designed for use with these charter parties, the parties may, if they wish, incorporate other forms of party into the charter. However, this should be done with caution, as not all forms on the charter party are as compatible and inconsistencies may arise. Comments: In order for a claim to be recovered under the ICA, the underlying rights must have been made from an approved contract of carriage under the charterer, i.e. . . .