Vessel Commercial Management Agreement

Today, while about a third of the world`s high seas fleet is under third-party administration1, ship managers are popping up in many naval transactions for a multitude of reasons. For example, Article 13 of SHIPMAN deals with the budgeting and management of funds. This is often changed and additional provisions are often added. We recommend that owners/managers carefully consider all these provisions. 2. The term «best endeavours» is not clearly defined by English law. However, the available case authorities show that this is an extremely high level, the closest to an absolute obligation or guarantee. [1] Therefore, managers must demonstrate in practice that they have taken all necessary measures that a prudent manager would take to provide management services. 1.