The International Conference on the Limitation of Liability for Maritime Claims took place in London between 1 and 19 November 1976 under the auspices of the International Maritime Organisation (IMO). It was generally accepted by those attending the Conference that the rules relating to the limitation of liability for maritime claims enshrined in the 1924 and 1957 Limitation Conventions required updating. It was agreed at the Conference that the limitation figures contained in the 1957 Convention needed to be increased and that the new limitation figures should be accompanied by a mechanism to accommodate problems of inflation. It was also agreed that the circumstances in which the right to limit should be forfeit needed reviewing.