The maritime security discussed in this chapter refers to both: (1) the security that is put up by the person against whom the claim is made in court proceedings, for the preservation of a maritime claim; and (2) the security that is put up by the claimant in court proceedings for the preservation of a maritime claim, maritime injunction or the preservation of maritime evidence. 1 In practice, the latter is usually termed “counter security”. The performance guarantee or refund guarantee involved in charterparties, shipbuilding contracts and other maritime contracts may sometimes be also called a maritime security. Such guarantees, however, are not governed by the Special Maritime Procedure Law and therefore are not the subject of the discussions of this chapter.
The rest of this document is only available to i-law.com online
If you are already a subscriber, please enter your details below to log in.