I Introduction

Carriage of goods by sea is a risky business. It is not easy to predict all risks prior to the commencement of a voyage, nor is it possible to avoid or minimise all risks during carriage. This risky business has been performed over centuries, during which the law has developed to give more precise answers to the questions of risk allocation between the commercial parties involved. However, despite the existence of standard form contracts, international conventions and domestic legislation in this field, some seemingly basic questions remain difficult to answer.