Latest updates
Contractual options for stranded assets
Wikborg Rein- Shipping & Transport
- International
- 15 January 2020
Despite it being almost six years since the 2014 oil price crash, there appears to still be only limited appetite for new investments in the offshore space, with many offshore investors and other stakeholders appearing to be keeping their powder dry until more obvious signs of an upturn are visible on the horizon. This article examines the current situation and some of the contracting solutions in the offshore markets.
Letters of credit in aircraft leasing: a refresher
Vedder Price PC- Aviation
- International
- 15 January 2020
Letters of credit are often issued in aircraft leasing transactions as an alternative to the provision of a cash security deposit and, less frequently, the obligation to pay maintenance reserves in cash. In an airline bankruptcy scenario, it is important to understand the differences that exist between different forms of letter of credit and some of the challenges that may arise for an enforcing lessor or financier.
UK Supreme Court decision in Renos case: position under Nordic Plan
Wikborg Rein- Shipping & Transport
- International
- 08 January 2020
The UK Supreme Court's recent landmark decision in the Renos case clarifies that when determining whether a vessel is a constructive total loss under the English Institute Time Clauses Hulls conditions, regard should be had to the costs incurred prior to the owner's notice of abandonment, but not to remuneration payable under a special compensation protection and indemnity clause. But what would the position be under the 2019 version of the Nordic Marine Insurance Plan 2013?
Applicability of right of subrogation in international reinsurance context
- Insurance
- International
- 24 December 2019
Insurance subrogation is an important legal mechanism which enables insurers to reduce their losses after insurance indemnities are paid. However, opinions differ as to the application of reinsurers' right of subrogation. This article answers these questions from an international perspective.
Plausibility: new patentability requirement?
Becerril Coca & Becerril SC- Intellectual Property
- International
- 21 October 2019
The concept of plausibility has emerged in numerous prosecution cases in recent years, with global trends suggesting a shift towards treating it as an additional, standalone patentability requirement. However, some commentators have argued that plausibility should not be considered an independent patentability condition due to, among other things, the different criteria for evaluating plausibility.
Data protection and cyber-risk issues in arbitration: regulation, cyberattacks and hacked evidence
Norton Rose Fulbright- Arbitration & ADR
- International
- 17 October 2019
Data protection and cybersecurity are hot topics in international arbitration and international surveys demonstrate that users of arbitration are concerned about data security. While there are signs that the market is listening, users seem to think that institutions, counsel and tribunals could do more to address cybersecurity. As these issues become more common, it is hoped that consistent practices will emerge to reassure users that their data will be secure.
Singapore Convention: update on enforcing mediated settlement agreements
- Arbitration & ADR
- International
- 10 October 2019
The United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention) has been signed by 46 states and will come into force six months after being ratified by at least three state parties. The convention responds to the demand from a growing body of mediation users for an enforcement mechanism applicable to mediated settlement agreements in cross-border disputes. However, its language has created some uncertainties.
Recent developments in ISDS reform: the big picture
Norton Rose Fulbright- Arbitration & ADR
- International
- 03 October 2019
Investor-state dispute settlement is an important feature of investment treaties as it is the procedural mechanism through which investors can claim compensation for a violation of a substantive investor-protection standard. The traditional mechanism (ie, investment arbitration between the investor and the host state, modelled on commercial arbitration) has been increasingly criticised. Hostility to the traditional model has led to changes in individual treaties and wider reform initiatives.
Arbitrating M&A disputes: changes in arbitration landscape and the impact of technology
Norton Rose Fulbright- Arbitration & ADR
- International
- 26 September 2019
M&A lawyers mitigate buyer risk through expansive due diligence exercises and tight contractual controls. Arbitration has become a prominent forum for resolving these disputes. For example, the London Court of International Arbitration (LCIA) has reported a significant increase in the number of shareholder, share purchase and joint venture agreements being referred to LCIA arbitration. This article examines the growth of arbitration as a forum for resolving such disputes.
Resolving telecoms disputes involving state entities in the Middle East
Obeid Law Firm- Tech, Data, Telecoms & Media
- International
- 30 August 2019
As the economy becomes increasingly data focused, telecoms markets across the Middle East are changing considerably. The policy framework has not always kept pace with this rapid change, and aspects of telecoms regulations are now outdated. However, personal data protection and public-private partnership (PPP) laws are starting to affect telecoms contracts and investments. Specifically, PPP laws are enabling recourse to alternative dispute resolution methods, including arbitration.
Resolving telecoms disputes involving state entities in the Middle East
Obeid Law Firm- Arbitration & ADR
- International
- 29 August 2019
As the economy becomes increasingly data focused, telecoms markets across the Middle East are changing considerably. The policy framework has not always kept pace with this rapid change, and aspects of telecoms regulations are now outdated. However, personal data protection and public-private partnership (PPP) laws are starting to affect telecoms contracts and investments. Specifically, PPP laws are enabling recourse to alternative dispute resolution methods, including arbitration.
How to prepare for new Incoterms
AKD- Shipping & Transport
- International
- 31 July 2019
The International Chamber of Commerce is set to launch a new version of the Incoterms rules – the globally used, standardised set of trade terms for the international sale and delivery of goods. Although the new rules will not take effect until 1 January 2020, parties involved in the international sale and delivery of goods should use the impending introduction of the new rules as an opportunity to review their existing contracts and standard delivery terms and determine whether they are being used correctly.
The bunker balance – owners consider liquefied natural gas in advance of 2020
Wikborg Rein- Shipping & Transport
- International
- 17 July 2019
Using liquefied natural gas (LNG) rather than fuel oil is one of a range of options available to owners seeking to comply with the International Maritime Organisation's 2020 regulations. Given that shipbrokers have long predicted the emergence of a two-tier shipping market with 'greener' ships commanding a premium over older, less eco-friendly vessels, what is the future for LNG bunkering and what challenges does it present?
Readiness for global sulphur cap – BIMCO's new IMO 2020 clauses
Wikborg Rein- Shipping & Transport
- International
- 10 July 2019
Most parties involved in the shipping industry will by now have a clear picture of the requirements under the International Maritime Organisation (IMO) 2020 global sulphur cap on marine fuels. Therefore, attention has turned to the steps that must be taken to put these requirements into practice. Two clauses recently introduced by the Baltic and International Maritime Council aim to address certain contractual aspects of the IMO requirements as they apply to time charterparties.
Manager's letter of undertaking – moving towards more balanced standards?
Wikborg Rein- Shipping & Transport
- International
- 03 July 2019
Third-party ship managers are often required to issue letters of undertaking to financiers of a managed vessel on relatively unfavourable and financier-friendly terms. The Baltic and International Maritime Council's new standard ship manager's letter of undertaking, which was recently published, seeks to redress the balance and gives ship managers a more equitable set of terms, which may be used as a starting point for negotiations.
Job interview 4.0 – legal considerations for automated face and speech recognition
Rihm Rechtsanwälte- Employment & Benefits
- International
- 26 June 2019
Many companies advertise and sell sophisticated video interview software to large companies for recruitment purposes. While applicants are interviewed from the comfort of their own homes, up to 20,000 data points can be collected from this type of interview and analysed instantaneously using algorithms to find the right employee. However, many legal issues have arisen following the introduction of this software.
ICC construction industry arbitration report
Norton Rose Fulbright- Arbitration & ADR
- International
- 20 June 2019
The International Chamber of Commerce Commission recently published an update to its report on construction industry arbitration, focusing on recommended tools and techniques for effective management. The report is a helpful reminder for practitioners and arbitrators of the procedural mechanisms available which are particularly relevant to the conduct of arbitration in the construction sector.
Quiet enjoyment letters – benefit to lenders?
Wikborg Rein- Shipping & Transport
- International
- 19 June 2019
Quiet enjoyment letters are often used where a ship, rig or other unit being financed is subject to a long-term charterparty to govern the interrelationship between the owner, its financiers and the charterer. They provide the charterer with a right to the undisturbed use and enjoyment of the ship, independent of whether the owner in its capacity as borrower is in default of its obligations towards its lender under the loan agreement. But do quiet enjoyment letters have any benefit for lenders?
Construction disputes: maximising time and cost efficiencies
Norton Rose Fulbright LLP- Arbitration & ADR
- International
- 13 June 2019
In construction disputes, a significant amount of legal time (and therefore expense) is often spent simply locating and trying to understand the relevance of key documents because of poor document management practices throughout the project lifecycle. Establishing clear guidelines for document management and information collection is critical and will assist contractors and suppliers in making and evidencing claims in arbitration.
Is it time to consider blockchain-based trusts?
Forsters LLP- Private Client & Offshore Services
- International
- 30 May 2019
With the slow but inexorable process of tokenisation, whereby real-world assets are moved onto blockchains and represented by tokens, it is only a matter of time before trust practitioners will need to look at blockchain-based trusts or 'smart trusts'. However, the beauty of the modern trust is its flexibility and the beauty of blockchain is its pre-programmability and immutability. Can these two worlds really come together?
