Time Charters (Second Edition) by Michael Wilford, Terence Coghlin, Nicholas J. Healy Jr., and John D. Kimball

Abstract

Time Charters 2nd Edn, by Michael Wilford, Terence Coghlin, Nicholas J. Healy Jr. and John D. Kimball. Published by Lloyd's of London Press Ltd. Colchester, UK. (1982, lxix and 505 pp). Hardback £65. The first edition of Time Charters appeared in 1978 and the book has quickly established itself in shipping circles. The text is developed principally around the New York Produce Exchange Form (NYPE) and progresses systematically through the contract by examining both the English and US law. The text also gives a less consequential treatment of the Baltime Uniform Time Charter and the STB Form of Tanker Time Charter. Arbitration Clauses are a standard feature of charterparty printed forms and disputes arising thereunder form a substantial portion of the regular diet of maritime arbitration in both London and New York. Time Charters will be of immeasurable assistance to all so involved, whatever their precise place around the arbitrator's table. The arbitration clause in NYPE is given particular attention at pages 307–331 of the text. In the realm of time charter disputes law and practice often diverge and the instant text readily facilitates the development of this point. The existence of such divergence is not itself a criticism but merely a factual statement. It can however create problems, as I will now endeavour to explain. A good place to start is the first chapter entitled Formation of the Contract and so-called fixtures made ‘sub-details’. The omnipresent factor of shipbrokers negotiating charters on a ‘sub details’ basis is motivated by both speed and economy of telecommunications, also perhaps sloth on the part of brokers and the principals. Few deem it worthy of their time to study all the terms until a Fixture seems likely and the ‘highlights’ of the offer are agreed. That is to say the vessel description of a trip charter, trading exclusions and sometimes cargo exclusions. The first divergence between law and practice lies in what constitutes a ‘detail’. The market considers ‘subject details’ to mean subject to agreement of …