It is the duty of the shipowner to deliver at the port of discharge all the goods entrusted to him1 in accordance with the terms of his contract2. In the absence of any lawful excuse3, he is guilty of a breach of duty, and liable to pay damages4:
(1) where he fails to arrive at the port of discharge within the time contemplated by the contract
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
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This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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