Deviation or delay in prosecuting the voyage contemplated by the policy is excused-

ㄱ. Where reasonably necessary in order to comply with an express or implied warranty; or

ㄴ. Where reasonably necessary for the safety of the ship or subject-matter insured; or

ㄷ. Where reasonably necessary for the purpose of obtaining medical or surgical aid for any person on board another ship in distress; or

ㄹ. Where caused by the negligent conduct of the master or crew, if negligence be one of the perils insured against.

ㄱ. The lender of money on bottomry or respondentia has an insurable interest in respect of the loan.

ㄴ. The insurer under a contract of marine insurance has an insurable interest in his risk, and must re-insure in respect of it.​

ㄷ. In the case of advance freight, the person advancing the freight has an insurable interest, in so far as such freight is repayable in case of loss.

Where the assured is ㉠double-insured by over insurance-

(a) The assured, unless the policy otherwise provides, may claim payment from the insurers in such order as he may think fit, provided that he ㉡is entitled to receive any sum in excess of the indemnity allowed by this Act;

(b) Where the policy under which the assured claims is ㉢a valued policy, the assured must give credit as against the valuation for any sum received by him under any other policy without regard to ㉣the actual value of the subject-matter insured;

Measures taken by the Assured or the Insurers with the object of saving, protecting or recovering the subject-matter insured shall not be considered as a waiver or acceptance of (     ) or otherwise prejudice the rights of either party.

If, ㉠before discharge overside from the oversea vessel at ㉡the first port of discharge, but prior to ㉢termination of this insurance, the subject-matter insured is to be forwarded to a destination other than that to which it is insured, this insurance, whilst remaining subject to termination as provided in Clauses 8.1.1 to 8.1.4, ㉣shall not extend beyond the time the subject-matter insured is first moved for the purpose of ㉤the termination of transit to such other destination.

Where a multimodal transport document is issued in (     ) form:

(b) If made out to order it shall be transferable (     ) endorsement;

(c) If made out to bearer it shall be transferable (     ) endorsement;

(e) If any copies are issued each copy shall be marked “(     ) copy”.

ㄱ. If, at the request of the consignor, the carrier makes out the air waybill, the carrier shall be deemed, subject to proof to the contrary, to have done so on behalf of the consignor.

ㄴ. If the carrier carries out the instructions of the consignor for the disposition of the cargo without requiring the production of the part of the air waybill or the cargo receipt delivered to the latter, the carrier will not be liable, without prejudice to its right of recovery from the consignor, for any damage which may be caused thereby to any person who is lawfully in possession of that part of the air waybill or the cargo receipt.

ㄷ. The air waybill shall be made out by the consignor in three original parts. The first part shall be marked “for the consignee”; it shall be signed by the carrier. The second part shall be marked “for the carrier”; it shall be signed by the consignor. The third part shall be signed by the carrier who shall hand it to the consignor after the cargo has been accepted.

ㄹ. The air waybill or the cargo receipt shall include: (b) if the places of departure and destination are within the territory of a single State Party, one or more agreed stopping places being within the territory of another State, an indication of at least one such stopping place.

In the absence of reservation by the carrier, any statement in a sea waybill or similar document as to the quantity or condition of the goods shall

(a) as between the carrier and the (     ) be (     ) evidence of receipt of the goods as so stated;

(b) as between the carrier and the (     ) be (     ) evidence of receipt of the goods as so stated, and proof to the contrary shall not be permitted, provided always that the consignee has acted in good faith.

Neither the carrier nor the ship shall be responsible for loss or damage arising or resulting from:

ㄱ. Act, neglect, or default of the master, mariner, pilot, or the servants of the carrier in the navigation or in the management of the ship.

ㄴ. Wastage in bulk or weight or any other loss or damage arising from inherent defect, quality or vice of the goods.

ㄷ. The use of any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter.

ㄹ. Insolvency or financial default of the owners, managers, charterers or operators of the vessel.

The expression “days” when used in this Convention means (     ) days, not (     ) days.

ㄱ. If the goods are rejected by the buyer, and the carrier or other bailee or custodier continues in possession of them, the transit is deemed to be at an end, even if the seller has refused to receive them back.

ㄴ. When goods are delivered to a ship chartered by the buyer it is a question depending on the circumstances of the particular case whether they are in the possession of the master as a carrier or as agent to the buyer.

ㄷ. The notice may be given either to the person in actual possession of the goods or to his principal.

○ This Convention shall come into force on the ㉠ninetieth day following the date of deposit of the ㉡third instrument of ratification or accession.

○ Denunciation shall take effect ㉢one year after the date of receipt of the notification by the Secretary-General.

○ This Convention ㉣shall not continue to be applicable to arbitral awards in respect of which recognition or enforcement proceedings have been instituted before the denunciation takes effect.

○ If the seller, in accordance with the contract or this Convention, hands the goods over to ㉠the buyer and if the goods ㉡are not clearly identified to the contract by markings on the goods, by shipping documents or otherwise, the seller ㉢need not to give the buyer notice of the consignment specifying the goods.

○ If the seller is not bound to effect insurance in respect of the ㉣carriage of the goods, he must, at the buyer’s request, provide him with all available information necessary to enable him to effect such insurance.

Recognition and enforcement of an arbitral award (     ) also be refused if the competent authority in the country where recognition and enforcement is sought finds that:

(a) The subject matter of the difference (     ) settlement by arbitration under the law of that country; or

(b) The recognition or enforcement of the award (     ) contrary to the public policy of that country.

○ If the buyer ㉠is not bound to pay the price at any other specific time, he must pay it ㉡before the seller places either the goods or documents controlling their disposition at the buyer’s disposal in accordance with the contract and this Convention. The seller ㉢may make such payment a condition for handing over the goods or documents.

○ If the contract involves carriage of the goods, the seller ㉣may dispatch the goods on terms whereby the goods, or documents controlling their disposition, ㉤will be handed over to the buyer except against payment of the price.

○ Collections (     ) contain bills of exchange payable at a future date with instructions that commercial documents are to be delivered against payment.

○ Banks have (     ) to take any action in respect of the goods to which a documentary collection relates, (     ) storage and insurance of the goods even when specific instructions are given to do so.

ㄱ. Limited - Ltd

ㄴ. manifest - mfr

ㄷ. kilos - kos

ㄹ. Industries - Ind.

ㅁ. multimodal - mt

ㅂ. International - Int’l

○ A party instructing another party to perform services ㉠shall not be bound by and liable to indemnify the instructed party against ㉡all obligations and responsibilities imposed by foreign laws and usages.

○ If the documents do not appear to be listed, the ㉢collecting bank shall be precluded from disputing the type and number of documents received by the ㉣remitting bank.

○ For the purposes of this Part of the Convention, an offer, declaration of acceptance or any other indication of intention “reaches” the addressee when it is made orally to him or delivered by any other means to him personally, to his (     ) or mailing address or, if he does not have a (     ) or mailing address, to his (     ).

○ If the buyer is not bound to pay the price at any other particular place, he must pay it to the seller:
     (a) at the seller’s (     ); or

The seller must also contract for insurance cover against the buyer’s risk of loss of or damage to the goods from the ㉠port of shipment to at least the ㉡point of destination. This may cause difficulty where the destination country requires insurance cover to be purchased locally: in this case the parties should consider selling and buying under CFR. The buyer should also note that under the CIF Incoterms® 2020 rule the seller is required to obtain limited insurance cover complying with Institute Cargo Clauses (C) or similar clause, rather than with the more ㉢limited cover under Institute Cargo Clauses (A). It is, however, still open to the parties to agree on a ㉣higher level of cover.

A period of time of acceptance fixed by the (     ) in a telegram or a letter begins to run from the moment the telegram is handed in for dispatch or from the date shown on the letter or, if no such date is shown, from the date shown on the envelope. A period of time for acceptance fixed by the (     ) by telephone, telex or other means of instantaneous communication, begins to run from the moment that the offer reaches the (     ).

Damages for breach of contract by one party consist of a sum ㉠equal to the loss, including loss of ㉡risk, suffered by the other party as a consequence of the breach. Such damages ㉢may not exceed the loss which the party in breach foresaw or ought to have foreseen at the time of the ㉣conclusion of the contract, in the light of the facts and matters of which he then knew or ought to have known, as ㉤an impossible consequence of the breach of contract.

ㄱ. The place named next to the chosen Incoterms® rule is even more important in all Incoterms® rules except the C rules, the named place indicates where the goods are “delivered”, i.e. where risk transfers from seller to buyer.

ㄴ. When incorporating a particular Incoterms® 2020 rule into a sale contract, it is necessary to use the trademark symbol.

ㄷ. The Incoterms® 2020 rules are themselves a contract of sale: they become part of that contract when they are incorporated into a contract which already exists.

○ With all seven F and C rules, the place of delivery is on the (     )’s side of the anticipated carriage.

○ One of the most frequent problems in the use of the Incoterms® rules is the choice of the wrong rule for the particular type of (     ).

○ It will be noticed that concerning the Incoterms® 2020 rules, after recording in A1/B1 the basic goods/payment obligations of the parties, Delivery and the Transfer of risks are moved to a more prominent location, namely to A2 and (     ) respectively.

If a (     ) does not state that reimbursement is subject to the ICC rules for bank-to-bank reimbursements, a (     ) shall not be required to supply a (     ) with a certificate of compliance with the terms and conditions of the credit.

ㄱ. A bank utilizing the services of an advising bank or second advising bank to advise a credit must use the same bank to advise any amendment thereto.

ㄴ. Partial acceptance of an amendment is allowed and will be deemed to be notification of acceptance of the amendment.

ㄷ. A provision in an amendment to the effect that the amendment shall enter into force unless rejected by the beneficiary within a certain time shall be regarded.

ㄹ. A confirming bank that is not an advising bank advises the credit and any amendment without any undertaking to honour or negotiate.

ㄱ. An insurance policy is not acceptable in lieu of an insurance certificate or a declaration under an open cover.

ㄴ. An insurance document must not indicate that the cover is subject to a franchise or excess.

ㄷ. A requirement in the credit for insurance coverage to be for a percentage of the value of the goods, of the invoice value or similar is deemed to be the minimum amount of coverage required.

ㄹ. When the CIF or CIP value cannot be determined from the documents, the amount of insurance coverage must be calculated on the basis of the amount for which honour or negotiation is requested or the gross value of the goods as shown on the invoice, whichever is greater.

Since 1 July 2016, Regulation 2 under the International Convention for the Safety of Life at Sea (SOLAS) imposed on shippers in the case of the shipment of containers the obligation either to weigh the packed container using calibrated and certified equipment, or to weigh the contents of the container and add the weight of the container when empty. In either case, the (     ) is to be recorded with the carrier.