London Arbitration 3/94

NYPE Inter-Club Agreement - Charterers compromised claim by receivers - Whether receivers’ claim “properly settled or compromised”

The vessel was chartered on the NYPE form for a time-chartered trip. The charterers claimed a contribution from the owners under the NYPE Inter-Club Agreement following the settlement of a cargo claim. The ship had carried 200,000 bags of wheat flour and a claim had been brought against the charterers in respect of alleged short-delivery of 1,567 bags of cargo, rain damage to a number of other bags, slackage from certain bags and survey fees. That claim, which totalled French Francs 444,778, was ultimately settled by the charterers for FFr 200,000.