The commencement and termination of charter means delivery and redelivery of the vessel in bareboat charter. Therefore, the essence of legal issues relating to termination of the charter is definition of redelivery, condition of redelivery, early rede...
The commencement and termination of charter means delivery and redelivery of the vessel in bareboat charter. Therefore, the essence of legal issues relating to termination of the charter is definition of redelivery, condition of redelivery, early redelivery, late redelivery, especially liability of compensation for matters associated with obligations to restore the vessel. In bareboat charters, Barecon 2001 is the only standard form being used in shipping industries, this form constitutes of Part II for present vessel, Part III for new building vessel, etc. Referring to the article 30 of Barecon 2001, the parties of contract can choose English law, American law, or even other nation`s law as governing law and arbitration. Thus, adopting Korean law as governing law is possible in Barecon 2001. However, when adopting Korean law, it is necessary to consider whether problems on efficiency of the article would occur and different results it will bring to prevent legal unsteadiness and problems on availability in chartering market. Fortunately, bareboat charter in Korean commercial law and lease contract of movable property in Korean civil law do not seem to have great difference on interpretation and effect. I expect to adopt Korean law as governing law in Barecon 2001.