TERMS & CONDITIONS

These Conditions (as defined below) create a contractual relationship between you and the Company (as defined below). These Conditions will become effective when you first use Services (as defined below) from the Company after having received them and you will be deemed to accept these Conditions on each occasion that you use the Services of the Company.

1. Definitions and interpretation

1.1 The definitions and rules of interpretation in this Clause apply to these Conditions.

"CGM"
Means any company, including the Company, which is a member of the Clarkson Group.

"Charges"
Means the charges (including all commissions) payable for the Services as set out in the Contract or which may be payable by custom of the trade or by reference to a course of dealings between the Parties.

"Clarkson Group"
Means the group of companies of which Clarkson PLC is the holding company and of which each CGM is a subsidiary within the meaning of section 1159 of the Companies Act 2006.

"Client"
Means any person to whom the Company provides Services pursuant to a Contract.

"Company"
Means the CGM with whom the Client has contracted for Services.

"Conditions"
Means the terms & conditions set out in this document.

"Contract"
Means the contract pursuant to which the Company agrees to provide Services to the Client, whether such contract is verbal or in writing and including any contract between the Company and the Client which is contained in or evidenced by the terms of a separate contract between the Client and a third party.

"Control"
Means control as defined by section 840 of the Income and Corporation Taxes Act 1988.

"Party"
Individually means any CGM and/or any Client that is party to a Contract; and "Parties" shall be construed accordingly.

"Services"
Means the broking services (including but not limited to sale, purchase, construction, charter, or post fixture services) provided by the Company in relation to any vessel or off-shore installation.

1.2 Any reference in these Conditions to any provisions of a statute shall be construed as referring to the provision as amended, re-enacted or extended from time to time.

1.3 The headings in these Conditions are for convenience only and shall not affect their interpretation.

1.4 In these Conditions and in a Contract incorporating these Conditions, unless the context requires otherwise:

1.4.1 words in the singular shall be deemed to include the plural and vice versa;

1.4.2 words importing any particular gender shall include all other genders;

1.4.3 references to persons shall include bodies of persons whether corporate or otherwise; and

1.4.4 words importing the whole shall be treated as including a reference to any part of the whole.

2. Contractual capacity

2.1 The Company shall provide the Services as agents for and on behalf of the Client.

2.2 The Company will undertake the Services with reasonable care, diligence, skill and judgement. Furthermore, the Company shall provide the Services in compliance with any applicable laws, rules, and regulations with regards to money laundering, bribery and corruption.

2.3 The Company may in the exercise of its discretion decide to provide Services to the Client by or together with another CGM. In these circumstances, the Client agrees that the other CGM shall be entitled to the benefit and protection of these Conditions.

2,4 If the Company receives monies payable to the Client, the Company shall be entitled to retain from such monies a sum equivalent to any commission which the Client owes to the Company or to any other CGM whether or not that commission has become due and payable.

3. Certification

3.1 H. Clarkson & Co. Limited is an ISO 9002 certified company.

4. Application of these conditions

4.1 By accepting Services from the Company, the Client agrees to be bound by these Conditions to the exclusion of all other representations, statements, conditions, terms, warranties, whether express, implied, statutory or otherwise except any implied by law or statute which cannot by law be excluded.

4.2 Unless otherwise expressly agreed in writing by a director of the Company, the Company shall be entitled to the benefit of such implied terms as might ordinarily be held to apply to the Contract for the protection of the Company.

4.3 These Conditions, together with the terms of any Contract, comprise the entire agreement between the Parties with respect to the Services. In the event of a conflict, the following descending order of precedence shall apply:

4.3.1 Any specific terms of the Contract agreed between the Client and the Company;

4.3.2 The Conditions.

4.4 While the parties hereto believe (in all the circumstances known to them at the date of entering the Contract) that these Conditions are reasonable as to all of their terms, if a court shall determine that any one or more of the terms are unenforceable for any reason, such terms shall be deemed to be severed from the body of these Conditions such that the remaining terms shall stand and be enforceable between the parties hereto.

4.5 Nothing in these Conditions shall exclude or limit any liability or any right which either Party may have in respect of fraud or in respect of pre-contractual statements given fraudulently or dishonestly or in circumstances where there has been wilful concealment.

4.6 Catalogues, circulars, or literature shown or provided by the Company or any other CGM are for the Client's general guidance only and the particulars contained therein shall not constitute representations by the Company or any other CGM and neither the Company nor any other CGM shall be bound thereby.

4.7 The Conditions shall apply to any Contract between the Company and the Client save in so far as a director of the Company expressly agrees otherwise in writing. Without prejudice to the generality of the foregoing the Company shall not be bound by any standard terms and conditions of the Client or by any other terms proposed by a Client which conflict with these Conditions unless a director of the Company has expressly agreed to such terms in writing irrespective of when such standard terms and conditions or other terms are put forward.

5. Authority/cooperation

5.1 The Client warrants that at the time of contracting with the Company and at all other relevant times (i) it has the full power and authority to engage the Company to provide the Services and (ii) to instruct the Company to enter into, arrange or execute any transaction arising out of or in connection with the Services.

5.2 The Client warrants that it has adequate resources to enter into and perform any transaction arising out of or in connection with the Services.

5.3 The Client warrants that it will deal with the Company in good faith at all times.

5.4 The Client warrants that it shall comply at all material times with any applicable laws, rules, and regulations with regards to money laundering, bribery and corruption.

5.5 The Client will procure that (i) its employees, servants and agents will promptly provide all information reasonably required by the Company to arrange the Services (ii) all information provided to the Company by or on behalf of the Client will be accurate and complete (iii) the Company can rely upon the information for the purposes of and in connection with the Services. In the event that there is any change to the information provided to the Company, the Client will notify the Company of that change promptly.

5.6 If requested by the Company the Client will provide and will procure that the employees, servants or agents of the Client will provide such reasonable assistance to the Company as may be required in connection with the Services.

5.7 The Client will indemnify and hold the Company harmless from any claims, liability, loss, damage or expense howsoever arising, which may arise as a consequence of a breach by the Client, the Client's servants or agents of the provisions of clauses 5.1 to 5.6 above.

6. Charges

6.1 Charges are exclusive of value added tax, sales tax, and any other applicable taxes.

6.2 Unless otherwise expressly agreed in writing by a director of the Company, the Client shall be responsible for the payment of the Company's Charges. In circumstances where the Client's responsibility for the payment of the Charges is to be discharged by a third party, the Client shall take all necessary steps to ensure the prompt payment of the Company's Charges and shall pay the Charges itself in the event of default by the third party.

6.3 Where payment of the Charges is not made on the due date the Company, at its sole discretion, reserves the right to charge interest on the overdue amount at the annual rate of 3% above the base rate from time to time of Barclays Bank plc calculated on actual/360 day basis, compounded monthly and accrued from the due date until the date of payment as well after as before judgment (a part of a month being treated as a full month for the purpose of calculating such interest).

7. Terms of payment

7.1 Unless otherwise stated, the Client shall settle the Company' invoice within thirty (30) days of the invoice date without any suspension, retention, set-off (statutory or otherwise), deduction, counterclaim or discount and notwithstanding the existence of any claim or dispute in respect of the Services.

8. Liability

8.1 The Company and the Client agree that the limits and exclusions of liability found in this clause 8 are fair and reasonable having regard to the nature of the Services, the fees paid for such Services by that Client and all other circumstances known to the Client and the Company relating to the Services at the time of the making of the Contract.

8.2 The Client undertakes that no claim or allegation in respect of the Services, whether arising in contract, tort or otherwise, shall be made against the Company or any other CGM by any person other than the Client and if any such claim or allegation should nevertheless be made undertakes to defend, indemnify and hold harmless the Company or such member of Clarkson Group against all consequences thereof.

8.3 Nothing in this Clause 8 shall be deemed to exclude or restrict either Party's liability for death or personal injury resulting from negligence or for fraud.

8.4 Neither the Company nor any other CGM shall be liable for any consequential or indirect loss or damage suffered by a Client. Further, neither the Company nor any other CGM shall be liable to the other for any loss of profits, loss of use, loss of or interruption in business, loss of goodwill or loss of data.

8.5 Subject to clause 8.3 above, the exclusions and/or limitations of liability found in this clause 8 shall apply whether the alleged claim, loss, damage or expense arises in contract, tort (including but not limited to negligence), or from any other cause whatsoever.

8.6 In any event, the Company shall be discharged from all liability whatsoever or howsoever arising out of or in connection with the provision of Services unless proceedings are commenced and served on the Company within the relevant statutory limitation period applicable under the laws of England and Wales.

8.7 In the event that a Client requests the Company to use the services of a third party in relation to a Contract (the "Third Party Services"), the Company will contract with such third party as agent for the Client. The Company expressly disclaims (to the maximum extent permitted by law) all warranties and representations with respect to the Third Party Services express, implied, statutory or otherwise, including without limitation, any implied warranty of merchantability, fitness for a particular purpose, accuracy or reliability of results from use of the Third Party Services, that the Third Party Services will meet specific requirements, that the Third Party Services will be uninterrupted, completely secure or free of errors, including, without limitation, software errors. The Client acknowledges and agrees that the Third Pary Services are provided on an "as is" basis without any warranty of any kind and that the entire risk as to the quality and performance of the Third Party Services shall be borne by the Client unless otherwise agreed with the Client.

8.8 The provisions of this clause 8 shall remain in force notwithstanding termination of the Contract.

9. Confidentiality

9.1 The Client shall not publish any document containing any reference to the Company or any other CGM or make use of the Clarkson name or any Clarkson logo, whether express or implied, without the prior written consent of H. Clarkson & Co Limited, a CGM.

9.2 By accepting the Services, the Client confirms that it is aware of and consent to the use by the Company or any other CGM of any personal data within the meaning of the Data Protection Act 1998 and that the Company or any other CGM (as the case may be) may create and maintain computer and paper records, collect, hold, control, use and transmit personally identifiable information obtained from the Client. The Company may record telephone conversations to resolve complaints and disputes, and improve its service standards. Telephone conversations may also be monitored for staff training purposes.

10. Termination

10.1 The Company shall be entitled to terminate the Contract with immediate effect and without liability by giving written notice to the Client if:

10.1.1 the Client commits any material breach of any term of the Contract (or in case of a breach capable of being remedied if the Client fails, within thirty (30) days of the receipt of a request in writing from the Company to do so, to remedy the breach);

10.1.2 the Client has a change of Control; or

10.1.3 the Client summons a meeting of its creditors, makes a proposal for a voluntary arrangement, becomes subject to a voluntary arrangement, is unable to pay its debts within section 123 Insolvency Act 1986, has a receiver, manager or administrative receiver appointed over any of its assets, undertaking or income, has passed a resolution for its winding-up, is subject to a petition presented to any Court for its winding-up, has a provisional liquidator appointed, has a proposal made for a scheme of arrangement under section 425 Companies Act 1985, has an administrator appointed in respect of it or is the subject of an application for administration filed at any court or a notice of appointment of an administrator filed at any court or a notice of intention to appoint an administrator given by any person or is the subject of a notice to strike off the register at Companies House or carries out or undertakes or is subject to or undergoes any analogous act, process or proceedings under any applicable law.

10.2 If the Contract is terminated or cancelled other than due to any breach by the Company the Client shall pay the Company all fees earned and recoverable costs incurred in respect of the Services performed up to the date of the termination or cancellation (as applicable) together with any further reasonable costs and/or expenses incurred by the Company as a result of the termination or cancellation (as applicable). Notwithstanding the above, commission earned in respect of any Services provided prior to termination or cancellation (as applicable) shall continue to be payable despite any termination or cancellation (as applicable) of the Contract.

10.3 The Client shall be liable to the Company for any damages suffered by the Company as a result of the termination pursuant to Clause 10.1.1.

11. Severability

11.1 If any term of the Contract including but not limited to any term of these Conditions is held by any competent authority to be invalid or unenforceable, in whole or in part, the validity of the other terms of the Contract including but not limited to the terms of this Conditions and the remainder of the term in question shall not be affected.

12. Waiver

12.1 The rights and remedies of the Company under the Contract shall not be diminished, waived, or extinguished by the granting of any indulgence, forbearance or extension of time by the Company in asserting any such rights or remedies.

13. Force majeure

13.1 Neither Party shall be liable to the other for any failure to perform or delay in performance of its obligations hereunder if and in so far as and for so long as such performance is delayed or prevented by the other's acts or omissions, or by circumstances beyond its reasonable control including but not limited to strikes, lock-outs or labour disputes of any kind (whether relating to its own employees or others), fire, flood, explosion, natural catastrophe, military operations, blockade, sabotage, revolution, riot, civil commotion, war or civil war, adverse weather conditions or prolonged power failure.

14. Claims

14.1 If the Client becomes aware of any claims or circumstance which might involve litigation or arbitration concerning the subject matter of the Contract, the Client shall immediately inform the Company.

14.2 The Client undertakes that it will not without the written consent of the Company use as evidence in any litigation or arbitration proceedings the results of the Company's work relating thereto.

15. Notices

15.1 Any notice to be given hereunder or otherwise in relation to the Services shall be in writing and shall be deemed to have been duly given if sent or delivered to the Party concerned at such address as the Party may from time to time notify in writing or to the correct facsimile number or electronic mail address (as notified by the receiving Party) and shall be deemed to have been served, if sent by first class post, 48 hours after posting and in the case of a facsimile transmission on the following day or in case of electronic mail on the same date.

16. Dispute resolution

16.1 Any dispute arising out of or in connection with the Conditions and/or the Services provided hereunder shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof for the time being in force. The arbitration shall be conducted in accordance with the London Maritime Arbitrators' (LMAA) Terms current at the time when the arbitration is commenced.

16.2 Save as after mentioned, the reference shall be to three arbitrators, one to be appointed by each party and the third by the two so appointed. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment to the other party requiring the other party to appoint its arbitrator within 14 days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and give notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring the dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be as binding as if he had been appointed by agreement. In cases where neither the claim nor any counterclaim exceeds the sum of USD 50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

17. Law

17.1 The Contract and any dispute arising out of or in connection with these Conditions shall be governed by and construed in accordance with the law of England.