Institute of Chartered Shipbrokers
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Singapore Branch LOI for Dummies Talk
Posted on Wednesday, May 24, 2017
On 24th May, Mr. Muthu Jagannath gave another lecture on his
Dummies Series. A sold out talk on - "LOI for Dummies".
The talk was part of a wider series - it followed the equally
succesfule "BL for dummies". The talk covered the functions, role
in the trade, on Letters of Indemnities commonly used in Shipping
and International Trade. The focus of the talk was to review the
practices prevalent in the trade and the resultant downsides if
something were to go wrong.
There was also a lively discussion around some of the cited
cased in recent disputes and stand taken by the courts involving
After the talk there was also a short session to discuss the
practical aspects of the LOIs and how they fit into the practical
chartering and operational aspects.
The chartering aspects was addressed by Mr. Punit Oza, General
Manager & Vice President, Klaveness Asia and the operational
aspects was dealt with by Capt. Jaspreet Chhabra, Head of
Operations, Louis Dreyfus. This was more of an interactive session
with the idea of linking up the legal, commercial and operational
aspects of the use of LOIs for the members, fellows and guests. All
three speakers who covered the legal, chartering and operational
aspects of LOI's were faced with a barrage of questions from
participants who either shared their own personal experiences or
wanted to understand if the practices they had been following in
their own offices were adequate.
The evening concluded with a networking session. All
participants extended their appreciation for the talk and its
contents to the organizers.
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