occidental worldwide investment v skibsoccidental worldwide investment v skibs

caused the making of the agreement, in the sense that it would not otherwise have been promisors request and the parties understood the act was to be paid for at a later date, and the Occidental Worldwide Investment Corp v Skibbs A/S Avanti [1976] 1 Lloyd's Rep 293 Progress Bulk Carriers Ltd v Tube City IMS LLC, The Cenk Kaptanoglu [2012] MOCK MEETING SCRIPT - Beauty and Cosmetics, Format Penyediaan Laporan Program Projek Aktiviti, Accounting Business Reporting for Decision Making, 1 - Business Administration Joint venture, Financial Accounting: Building Accounting Knowledge. breach would lead to severe consequences. BUT is it true to say that consent of the other party was overborne? consider in assessing whether economic duress was present: Did the person claiming to be coerced protest? Charter-party (Time) - Frustration - Oil tankers chartered for world wide service - Vessels no longer needed by charterers because sources of supply of oil remained normal - Whether charter-parties frustrated. Maritime Insights & Intelligence Limited is registered in England and Wales with company number 13831625 and address c/o Hackwood Secretaries Limited, One Silk Street, London EC2Y 8HQ, United Kingdom. The defendants told the to deliver cartons of baskets to Woolworths at a fixed price per carton. The concept of economic duress is of recent origin where the courts have started to acknowledge that threats against goods can be just as compelling as threats against the person. ABSTRACT In Pioneer Urban Land and Infrastructure Ltd. v Govindan Raghavan [2019] 5 SCC 725, the Supreme Court of India excised an onerous term in a housing construction contract as wholly one-sided, unfair and unreasonable. Held: HC stated that coaxing is not coercion and persuasion is not prohibited in the way. Legislation pursuant to the protection of the rights of individual consumers[17] is in place. The, defendant had taken legal advice on all these matters before agreeing to the, guarantee and indemnity. That duress vitiates Duress, whatever form it takes, is a coercion of the will so as to vitiate consent. The claimants therefore agreed to renegotiate the contract to lower the cost of. The defendants were majority shareholders in a public breach would lead to severe consequences. [14]Jodi Gardiner, Does.Lawful.Act.Duress.Still.Exist? [2019] CLJ In the opening stages of the appeal, Richards.LJ was clear that one of the determining situations whereby a validly made contract could be avoided was one where bad faith could be said to exist. The effect of a rescission of a compromise agreement settling the dispute may be to revive the original agreement. The court noted that Commonwealth jurisdictions, including Australia, restricted recognition of duress to threatened or actual unlawful conduct. By way of defence, PIAC relied on the waiver in the New Agreement, but TT successfully challenged the validity of the New Agreement under economic duress. a. contracts entered into and the recovery of money exacted under colour of office, or Alongside, to redress the narrow doctrine of duress at law, the equitable doctrine of undue influence was developed. 1990 Modern Law Review Lord Diplock in the context of an industrial dispute, for instance, dismissed a prospective examination of the position concerning lawful act economic duress and the precise circumstances surrounding when commercial pressure can be deemed as illegitimate.[4]. Duress, whatever form it takes, is a coercion of the will so as to vitiate consent. swarb.co.uk is published by David Swarbrick of 10 Halifax Road, Brighouse, West Yorkshire, HD6 2AG. Common law courts have, for long, sought to relieve the weaker party to a bargain against contractual unfairness, but locating the basis of this power has proved elusive. Vitally important as it is for the law to facilitate the healthy functioning of competitive markets, there is arguably, somewhat of a dismissive abdication, on the part of the courts to adequately provide a degree of protection for the vulnerability of small, family businesses, such as TT. TT subsequently sued PIAC for outstanding commission payments, they believed, that were due under the previous contract, including basic commission which the first instance court found PIAC had mistakenly believed it was entitled to. Held: The misrepresentation alleged was made by the claimants in-house . In addition to publishing articles in all branches of the law, the Review contains sections devoted to recent legislation and reports, case analysis, and review articles and book reviews. Such a departure from dicta which has preserved freedom of contract would be deemed as being a significant encroachment upon the independence of contracting parties. building. At a hearing, if good cause exist, the court may make an order to protect a party. Requirements of an Express Private Trust, Definisi dan konsep falsafah ilmu minggu 1, Topik 01A - Pengenalan Penghayatan Etika dan Peradaban Acuan Malaysia, Nota Penggunaan Penanda Wacana dan Ayat-Ayat untuk Karangan SPM, Vernier calliper physics lab report experiment 1 measuring rectangular object. The court noted that Commonwealth jurisdictions, including Australia, restricted recognition of duress to threatened or actual unlawful conduct[5] and rejected lawful act duress, instead aligning it with equitable principles, including unconscionable transactions. subscribers. Wiley has partnerships with many of the worlds leading societies and publishes over 1,500 peer-reviewed journals and 1,500+ new books annually in print and online, as well as databases, major reference works and laboratory protocols in STMS subjects. Contract LAW2040 Case Note First-Class Answer (Awarded an 80). The plaintiffs (P) owned the shares of a private company which owned a building that the Judicial recognition of the common law doctrine of economic duress has been established for over forty years in the United Kingdom. Webappears to be Occidental Worldwide Investment Corp v Skibs.4 The case was decided on the fact that the threats made by the charterers were false and fraudulent and so the owners were entitled to avoid the renegotiated terms. D refused to comply with this, and the case reached 1,244. [1976] 1 Lloyds Rep 293if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[336,280],'swarb_co_uk-medrectangle-4','ezslot_6',113,'0','0'])};__ez_fad_position('div-gpt-ad-swarb_co_uk-medrectangle-4-0'); Cited MCI Worldcom International Inc v Primus Telecommunications Inc ComC 25-Sep-2003 The claimant sought judgment, and the defendant leave to amend its defence. consent of the other party was overborne by compulsion so as to deprive him of any under undue influence or in consequence of threats of physical duress. The Privy Council identified 4 factors to. [7]Occidental Worldwide Investment Corp v Skibbs A/S Avanti [1976] 1.Lloyd's Rep 293 Applying the exception to the doctrine of past Abstract. made either at all or, at least, in the terms in which it was made. Their Lordships agree with the . The Court of Appeal held that no economic duress exists in commercial situations whereby a party utilises lawful pressure to achieve a result to which it genuinely believes itself to be entitled; regardless if the belief is objectively unreasonable. WebOccidental Worldwide Investments Corp. v Skibs A/S Avanti (1976) (Economic duress amounting to undue influence)-Due to world shipping recession charter rates had fallen. The claimant appealed refusal of an award an account of profits for what was akin to a breach of statutory duty. By continuing to use the website, you consent to our use of cookies. Lloyds Rep 293. Academia.edu no longer supports Internet Explorer. ), Introductory Econometrics for Finance (Chris Brooks), Public law (Mark Elliot and Robert Thomas), Human Rights Law Directions (Howard Davis), Criminal Law (Robert Wilson; Peter Wolstenholme Young), Principles of Anatomy and Physiology (Gerard J. Tortora; Bryan H. 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See: The claimant had threatened not to complete the main contract for the purchase of, shares unless subsidiary agreements were met including a guarantee and an, indemnity. The claimant then sought to enforce the guarantee and the. Occidental Worldwide Investment Corporation v Skibs A/S Avanti, The Sibeon and The Sibotre [1976] 1 Lloyds Rep 293 Economic duress is a threat to a persons financial or business interests. - Carillion Construction Ltd v Felix (UK) [2001] BLR 1; Richards LJ also cited the finding in Occidental;[7] due to the lawfulness of the act itself the question was whether the nature of the demand constituted illegitimacy? However, both duress and undue influence still remain unclear and unresolved and a clearer exposition of the principles governing these two doctrines is needed. The shipowners did so because they most likely could not find other charterers due to the depressed state of the market. Given the rather vague concept of morally and socially unacceptable conduct formulated in CTN5, it is unsurprising that the court was directed towards blackmail in order to rationalise the concept of lawful duress. Lord Steyn is amongst numerous justices, who recognised that if inequality of bargaining power is to be codified, it is Parliaments responsibility. Singapore Law Watch Commentaries. Plaintiff agreed to sell round bars (construction materials) to the first defendant, the price of another party did not know the nature or the precise terms of the contract at the contract so that is said that have vitiated their free will. The Modern Law Review It was simply commercial, R was a member of the SAS. This prospect would seem even more improbable when one considers the cordial relations which characterised both parties business relationship, until the advent of this dispute. Atlas refused to take FACTS: Ten year-old Ronald Smith lives at 1234 Any Street in City, State, with his parents Jim and Mary Smith. At common law, the law has always recognized that a contract must be entered into voluntarily and that a person who entered into a contract as a result of threats against the person would not be bound by the contract. However, they have expressed their disappointment that Richards LJ did not jettison13 the concept entirely. TT subsequently sued PIAC for outstanding commission payments, they believed, that were due under the previous contract, including basic commission which the first instance court found PIAC had mistakenly believed it was entitled to. The minimum basic test of subjective causation in economic duress ought, it appears to party was overborne by compulsion so as to deprive him of any animus What is the justification for the doctrine of economic duress: Absence of consent or Federation (The Universe Sentinel) [1981] UKHL 9), BUT - the courts assessment of illegitimacy is limited Following PIACs decision to reduce the number of fortnightly tickets from 300 to 60 on 17th September 2012, TT proceeded to sign the New Agreement on account of their business future survival, on September 23rd. [11]Andrew Burrows, Anson's Law of Contract (first published 2016, OUP) 67 (Select three that apply) A. The threat must be directed to the persons financial standing but not to the person himself or his property. ); North Ocean Shipping Co v Hyundai It would be unlikely that PIAC were wilfully applying illegitimate pressure to TT; with the aim of TTs acceptance of revised contractual terms. WebOccidental Worldwide Investment Corporation v Skibs C rented tankers to D. The charges were renegotiated but D said they had few funds and would go into insolvency if the price The question was whether the proposed defence had any reasonable prospect of success. The document also includes supporting commentary from author Nicola Jackson. In that sense, the What notion of fairness does the doctrine promote, if at all. (2010). any contractual decision), but one might also claim that parties always contract However, of greater importance in Worldwide Investment Corporation v Skibs A/S Avanti, (The Siboen and The Sibotre) [1976] 1 Richards LJ was keen to emphasise, from the outset, that the present case did not constitute unlawful act duress whatsoever. PIACs defence that they were exercising what they reasonably believed to be their lawful contractual rights, to both modify the system by which commission was paid and propose new contractual terms, was therefore reinforced. Our online platform, Wiley Online Library (wileyonlinelibrary.com) is one of the worlds most extensive multidisciplinary collections of online resources, covering life, health, social and physical sciences, and humanities. In addition to publishing articles in all branches of the law, the Review contains sections devoted to recent legislation and reports, case analysis, and review articles and book reviews. Wiley has published the works of more than 450 Nobel laureates in all categories: Literature, Economics, Physiology or Medicine, Physics, Chemistry, and Peace. Request Permissions. Occidental Worldwide Investment Corporation v Skibs A/S Avanti (The Siboen and Sibotre): 1976. The void in the jurisprudence concerning the requisites for a successful claim under lawful act duress has been filled with a degree of clarity. The avoidance of a contract based upon the application of a form of lawful economic duress advanced by pressure which was legitimate within the cut and thrust of contractual negotiations was deemed as being an extension of the common law which the courts could not credibly countenance. Held: the plaintiffs refusal did not amount to unlawful detention of property as the plaintiff defendant which they feared they would lose if the defendants did become insolvent. - plaintiffs hired two vessels from defendants - plaintiffs WebSee, especially, Occidental Worldwide Investment Corp. v Skibs A/S Avanti, Skibs A/S Glarona, Skibs A/S Navalis, (The Siboen and the Siborre) [1976] 1 Lloyds Rep. 292. WebOccidental Worldwide Investment Corporation v Skibs (The Sibeon & The Sibotre) [1976] 1 Lloyds Rep 293 Case summary Following Kerr J's line of reasoning, economic duress was Lists of cited by and citing cases may be incomplete.if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[300,250],'swarb_co_uk-medrectangle-3','ezslot_2',125,'0','0'])};__ez_fad_position('div-gpt-ad-swarb_co_uk-medrectangle-3-0'); IMPORTANT:This site reports and summarizes cases. duress to the person, the Court must in every case at least be satisfied that the [13]Paul Davies & William Day, Lawful act duress (again) [2019].LQR.2020 Small business participation requirements may be included in the statement of work, A $2 million contract for general construction has been set aside for Historically Underutilized Business Zone (HUBZone) small businesses. WebIf, however, owing to the arrest, there is no free consent, the court will relieve, notwithstanding that the arrest was lawful: Nicholls v Nicholls (1737) 1 Atk 409; Falkner v O'Brien (1812) 2 Ball & B 214. As to the liability of a principal for misrepresentations by his agent: If one agent makes a fraudulent statement to another agent, intending the latter to pass the statement on to a third party, and this done, the principal will be liable; for in these circumstances the first agent is guilty of the complete tort of fraudulent misrepresentation, the second agent being his innocent agent. Exemplary damages are not available for breach of contract even if a contract breaker has made a similarly cynical calculation that it will benefit him more to break a contract than to perform it.As to the establishment of economic duress, Kerr J said that in a contractual situation commercial pressure is not enough. The defendants contended that the c) Pao On & Ors v Lau Yin Long & Anor [1980] AC 614; [1979] 3 All ER 65, PC. The Modern Law Review is a general, peer-refereed journal that publishes original articles relating to common law jurisdictions and, increasingly, to the law of the European Union. Fearing that not Tel: 0795 457 9992, or email david@swarb.co.uk, Dibb and Clegg (A Firm) v Recover Ltd and Others: SCCO 12 Oct 2001, East African Asians v United Kingdom: ECHR 1973, MCI Worldcom International Inc v Primus Telecommunications Inc, Devenish Nutrition Ltd v Sanofi-Aventis Sa (France) and others, Pao On and Others v Lau Yiu Long and Others, British Airways Plc v British Airline Pilots Association: QBD 23 Jul 2019, Wright v Troy Lucas (A Firm) and Another: QBD 15 Mar 2019, Hayes v Revenue and Customs (Income Tax Loan Interest Relief Disallowed): FTTTx 23 Jun 2020, Ashbolt and Another v Revenue and Customs and Another: Admn 18 Jun 2020, Indian Deluxe Ltd v Revenue and Customs (Income Tax/Corporation Tax : Other): FTTTx 5 Jun 2020, Productivity-Quality Systems Inc v Cybermetrics Corporation and Another: QBD 27 Sep 2019, Thitchener and Another v Vantage Capital Markets Llp: QBD 21 Jun 2019, McCarthy v Revenue and Customs (High Income Child Benefit Charge Penalty): FTTTx 8 Apr 2020, HU206722018 and HU196862018: AIT 17 Mar 2020, Parker v Chief Constable of the Hampshire Constabulary: CA 25 Jun 1999, Christofi v Barclays Bank Plc: CA 28 Jun 1999, Demite Limited v Protec Health Limited; Dayman and Gilbert: CA 24 Jun 1999, Demirkaya v Secretary of State for Home Department: CA 23 Jun 1999, Aravco Ltd and Others, Regina (on the application of) v Airport Co-Ordination Ltd: CA 23 Jun 1999, Manchester City Council v Ingram: CA 25 Jun 1999, London Underground Limited v Noel: CA 29 Jun 1999, Shanley v Mersey Docks and Harbour Company General Vargos Shipping Inc: CA 28 Jun 1999, Warsame and Warsame v London Borough of Hounslow: CA 25 Jun 1999, Millington v Secretary of State for Environment Transport and Regions v Shrewsbury and Atcham Borough Council: CA 25 Jun 1999, Chilton v Surrey County Council and Foakes (T/A R F Mechanical Services): CA 24 Jun 1999, Oliver v Calderdale Metropolitan Borough Council: CA 23 Jun 1999, Regina v Her Majestys Coroner for Northumberland ex parte Jacobs: CA 22 Jun 1999, Sheriff v Klyne Tugs (Lowestoft) Ltd: CA 24 Jun 1999, Starke and another (Executors of Brown decd) v Inland Revenue Commissioners: CA 23 May 1995, South and District Finance Plc v Barnes Etc: CA 15 May 1995, Gan Insurance Company Limited and Another v Tai Ping Insurance Company Limited: CA 28 May 1999, Thorn EMI Plc v Customs and Excise Commissioners: CA 5 Jun 1995, London Borough of Bromley v Morritt: CA 21 Jun 1999, Kuwait Oil Tanker Company Sak; Sitka Shipping Incorporated v Al Bader;Qabazard; Stafford and H Clarkson and Company Limited; Mccoy; Kuwait Petroleum Corporation and Others: CA 28 May 1999, Worby, Worby and Worby v Rosser: CA 28 May 1999, Bajwa v British Airways plc; Whitehouse v Smith; Wilson v Mid Glamorgan Council and Sheppard: CA 28 May 1999. North Ocean Shipping V Hyundia Occidental Worldwide Investment Corp v Skibs A/S Avanti (The Siboen and The Sibotre) [1976] 1 Lloyds Rep 293, https://www.i-law.com/ilaw/doc/view.htm?id=147440, Dimskal Shipping Co SA v International Transport Workers Federation (The Evia Luck) (No 2) [1992] 2 AC 152, http://login.westlaw.co.uk/maf/wluk/ext/app/document?docguid=I9924E380E42711DA8FC2A0F0355337E9&crumb-action=reset, http://www.lexisnexis.com/uk/legal/search/enhRunRemoteLink.do?A=0.5985502812548534&service=citation&langcountry=GB&backKey=20_T23298606965&linkInfo=F%23GB%23AC%23vol%252%25sel1%251992%25page%25152%25year%251992%25sel2%252%25&ersKey=23_T23298606955, http://www.bailii.org/uk/cases/UKPC/1973/1973_27.html, North Ocean Shipping Co v Hyundai Construction Co [1979] QB 705, http://login.westlaw.co.uk/maf/wluk/ext/app/document?docguid=I10D63731E42811DA8FC2A0F0355337E9&crumb-action=reset, http://www.lexisnexis.com/uk/legal/search/enhRunRemoteLink.do?A=0.05825677486545111&service=citation&langcountry=GB&backKey=20_T23298635279&linkInfo=F%23GB%23QB%23sel1%251979%25page%25705%25year%251979%25&ersKey=23_T23298635268, Atlas Express Ltd v Kafco [1989] QB 833, QBD, http://login.westlaw.co.uk/maf/wluk/ext/app/document?docguid=I68F009B0E42711DA8FC2A0F0355337E9&crumb-action=reset, http://www.lexisnexis.com/uk/legal/search/enhRunRemoteLink.do?A=0.03738492732027099&service=citation&langcountry=GB&backKey=20_T23298637577&linkInfo=F%23GB%23QB%23sel1%251989%25page%25833%25year%251989%25&ersKey=23_T23298637567, http://www.bailii.org/uk/cases/UKPC/1979/1979_17.html, Huyton v Peter Cremer [1999] 1 Lloyds Rep 620, 6359 (Mance J), http://www.bailii.org/ew/cases/EWHC/Comm/1998/1208.html, Kolmar Group AG v Traxpo Enterprises Pvt Ltd [2010] EWHC 113 (Comm), [2011] 1 All ER (Comm) 46 [92] (Christopher Clarke J), http://www.bailii.org/ew/cases/EWHC/Comm/2010/113.html, http://www.bailii.org/ew/cases/EWCA/Civ/1974/8.html, Universe Tankships Inc of Monrovia v International Transport Workers Federation [1983] 1 AC 366, 400 (Lord Scarman), http://www.bailii.org/uk/cases/UKHL/1981/9.html, http://login.westlaw.co.uk/maf/wluk/ext/app/document?docguid=I1AE6D091E42811DA8FC2A0F0355337E9&crumb-action=reset, http://www.lexisnexis.com/uk/legal/search/enhRunRemoteLink.do?A=0.6910582110037973&service=citation&langcountry=GB&backKey=20_T23298650602&linkInfo=F%23GB%23KB%23vol%252%25sel1%251919%25page%25581%25year%251919%25sel2%252%25&ersKey=23_T23298647877, CTN Cash and Carry Ltd v Gallagher Ltd [1994] 4 All ER 714, http://www.bailii.org/ew/cases/EWCA/Civ/1993/19.html, http://www.bailii.org/uk/cases/UKPC/2003/22.html, Akai Holdings Ltd (Liquidators) v Ting [2010] UKPC 21, http://www.bailii.org/uk/cases/UKPC/2010/21.html, Progress Bulk Carriers Ltd v Tube City IMS LLC (The Cenk Kaptanoglu) [2012] EWHC 273 (Comm), [2012] 2 All ER (Comm) 855, http://www.bailii.org/ew/cases/EWHC/Comm/2012/273.html, Office of Fair Trading v Abbey National plc [2009] UKSC 6, [2009] 3 WLR 1215, http://www.bailii.org/uk/cases/UKSC/2009/6.html, Printed from Issues: The defendants claimed that the consideration for the indemnity agreement was past was exercising its legal right over its own property. 1-4. Close. banks may want to market their financial products. National Westminister Bank V Morgan (1985) 1 AC 686. Lord Steyn is amongst numerous justices, who recognised that if inequality of bargaining power is to be codified, it is Parliaments responsibility. unlawful detention of property in order to get the first defendant to agree to the price of RM The effect of duress is to render the Founded in 1807, John Wiley & Sons, Inc. has been a valued source of information and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Charter-party (Time) - Hire - Amount - Vessels chartered at rate of $4.40 per ton per month - Subsequent agreement by shipowners to reduce hire to $4.10 per month - Whether agreement induced by charterers' misrepresentation or made under duress - Remedies of shipowners. This case document summarizes the facts and decision in Stilk v Myrick [1809] EWHC KB J58; (1809) 2 Camp 317. [8]Barton v Armstrong [1976] AC 104 Petroleum Geo Services AS A [2000] Dyson J. that the plaintiffs refusal to supply the bars at the price of RM 1,180 amounted to an leaving much coercive conduct outside the scope of duress doctrine. (Orit Gan WebThe main cases I will be referring to are Pao On and Lau Yiu Long (1980), Hartley v Ponsonby (1857) and Occidental Worldwide Investment v Skibs (The Sibeon & The Sibotre) [1976] 1 Lloyds Rep 293. The decision of Kerr J, was then affirmed by Lord Scarman in the case of Pao On v Lau Yiu Wiley is a global provider of content and content-enabled workflow solutions in areas of scientific, technical, medical, and scholarly research; professional development; and education. agreeing to this would delay the main contract, D agreed. [12]Walford v Miles. Our core businesses produce scientific, technical, medical, and scholarly journals, reference works, books, database services, and advertising; professional books, subscription products, certification and training services and online applications; and education content and services including integrated online teaching and learning resources for undergraduate and graduate students and lifelong learners. [1992].1.All.ER.453 the pressures of normal commercial bargaining. ( DSND Subsea Ltd v consideration in Lampleigh v Braithwaite (1615) Hob 105 Lord Scarman said that an act In 2010 agents of PIAC determined to commence proceedings, against PIAC, pertaining. Proudly created with Wix.com. Thus, there was no question of the UNL1622 Contract Law II defendant sought to have the agreement set aside for economic duress. WebOccidental Worldwide- Investment Corp v Skibs a/l Avanti & Ors (the "Siboen" and the "Sibotre") The charterers of the tanker vessels requested to have their hire reduced, and the shipowners agreed. done before a promise was made was good consideration for that promise if it was done at the They later sought to have the renegotiated contract set, Held: Whilst recognising that it would be possible to render a contract voidable for economic, duress, it was not established in this case. Cited Pao On and Others v Lau Yiu Long and Others PC 9-Apr-1979 (Hong Kong) The board was asked whether a contract of guarantee had been obtained by duress. avoid the agreement prior to the claimant seeking to enforce the guarantee. This item is part of a JSTOR Collection. Sorry, preview is currently unavailable. The present appeal further highlights the myriad of ambiguities surrounding lawful act duress and its persisting uncertainty will undoubtedly continue to feed the quest for clarity in this area. The preponderance of jurisprudence highlighted that there was scant support for an extension of lawful act duress. Furthermore, the judge identified that illegitimate pressure could constitute conduct which is not itself unlawful, albeit with the caveat that this would be unlikely to occur in a commercial context.[9]. The defendants told the claimants that they would go bankrupt if they did not lower the cost of charter. This was completely, untrue. Ltd and Another (The Atlantic Baron) [1979] QB 706) time when he entered into it. This was completely untrue. If you are already a subscriber, click login button. Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, In group of 3-5 students (Depending on the class, The defendants chartered two vessels from the claimant, that they would go bankrupt if they did not lower the cost of charter.

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