GENERAL TERMS AND CONDITIONS

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GENERAL TERMS AND CONDITIONS OF NIOC TRADING B.V.

1. Definitions and applicability of General Terms and Conditions

In these General Conditions or other transport documents used that refer to these General Conditions, the terms below are taken to mean the following:

a. CMNI Convention: The Budapest Convention on the Contract for the Carriage of Goods by Inland Waterway (CMNI), adopted by the Diplomatic Conference Organized jointly by CCNR, the Danube Commission and UN/ECE, held in Budapest from 25 September to 3 October 2000;

b. Addressee: the natural person who or legal entity that is entitled to take receipt of and/or actually has taken receipt of the Cargo;

c. Cargo: the goods to be transported and/or actually transported by the Carrier;

d. NIOC Trading: The private limited liability company NIOC Trading B.V. (Chamber of Commerce number 24178586);

e. Client: comprises at any rate the following natural persons/legal entities: the natural or legal person who gives the Carrier the order to transport the Cargo, the shipper designated as such on any bill of lading or other Transport Document issued by the Carrier, the (actual) party offering the Cargo for transport, the owner of the Cargo, the holder of the bill of lading issued by the Carrier or the recipient/consignee stated on the bill of lading or any other Transport Document, the Addressee, and/or the party acting in its own name for or on behalf of the above-mentioned natural persons or legal entities;

f. Force majeure: a circumstance that the Carrier, acting as a careful carrier, could not have avoided and the consequences of which it could not have prevented;

g. Parties: the parties to the Contract of Carriage, more particularly the Client and the Carrier;

h. Vessel: the vessel to be used by the Carrier for transporting the Cargo and/or the vessel in which the Cargo is actually transported;

i. Carrier: NIOC Trading;

j. Transport Document: a document that serves as evidence of the Contract of Carriage and in which the conditions of transport of the Cargo are laid down;

k. Contract of Carriage: any contract (of carriage) or bunker contract that is concluded with NIOC Trading, or any order for transport and/or the performance of bunker activities, also if such order forms part of a framework agreement concluded with NIOC Trading (not being the Contract of Carriage).

1.2 These General Terms and Conditions are applicable to any Contract of Carriage that is concluded by or with NIOC Trading.

1.3 Deviations from these General Terms and Conditions may only be made with prior written approval of NIOC Trading.

1.4 The applicability of other general terms and conditions, including but not limited to those of the Client or the Addressee, are explicitly rejected.

2. Details and nature of Cargo

2.1 The Client is obliged to provide the Carrier promptly (and in writing) with all information about the Cargo offered for transport or provide the Carrier promptly with such information. The obligation of the Client to provide information as described in the preceding sentence is not limited to its statutory obligation to provide information, but also includes the obligation to provide the Carrier with correct and full information concerning the nature of the Cargo, the requirements for correct handling of the Cargo and the danger that the Cargo may bring to the Vessel and/or goods or persons on board of the Vessel and/or third parties and/or surface waters, or otherwise.

2.2 If the Cargo to be offered for transport represents a fire hazard, is flammable, explosive, caustic or otherwise hazardous (for the environment) within the meaning of the rules and regulations applicable to the Rhine States or otherwise, the Client is required not only to state the usual trade name of the cargo, but also to provide the Carrier with full and accurate information on the nature of this Cargo, the hazardousness and the hazard category of this Cargo, as well as the regulations applicable to that transport.

2.3 The Cargo to be offered for transport must be of such a nature and composition that any harmful effect on the Vessel, its tanks and other cargo and persons and third parties on board, surface waters or otherwise is excluded.

2.4 In so far as the Carrier makes any statement concerning the nature and composition of the Cargo to any authority (including port and customs authorities) the Carrier will make such statements solely as the agent of the Client. The consequences arising from making such statements, of whatever nature, are at the expense and risk of the Client.

3. Documents

3.1 The Client is obliged to provide the Carrier in good time with a complete set of any and all documents required for the transport of the Cargo.

3.2 The Carrier is not obliged to examine the documents and documentation provided by the Client for accuracy and completeness, does not warrant and is not liable for the accuracy and/or completeness of the documents to be provided by the Client to the Carrier (including the descriptions contained in the document concerning the nature, composition and quantity of the Cargo).

3.3 The Carrier is entitled to draw up Transport Documents required for the transport of the Cargo in any form it deems necessary.

3.4 Supplementary to the provisions of Article 3 paragraph 3, the Carrier is required, if the parties have agreed this prior to loading the Cargo offered for transport, to issue a bill of lading for this Cargo.

3.5 The Carrier is entitled to include provisos in the Transport Document in respect of aspects such as the visible state of the Cargo and the size, quantity, weight, contents, condition, quality and/or the value of the Cargo, regardless as to whether it has any reason to assume that the information provided by the Client is incorrect and regardless as to whether it has had insufficient means or opportunity to check the information.

3.6 The Client is obliged, on the Carrier’s demand, to (co-)sign the original or a copy of the Transport Document drawn up.

4. Designation of loading and discharging places

4.1 In order for the Cargo to be transported, the Client is required to inform the Carrier timely, however no later than 48 hours prior to the transport activities, of the loading place (‘notification period’), unless the Parties have explicitly agreed on a different notification period in writing.

4.2 In establishing the notification periods described in Article 4 paragraph 1, the following periods will not be included:

Weekends: from 16:00 on Friday to 07:00 on Monday;

National holidays: from 16:00 on the day preceding until 07:00 following the

national holiday.

4.3 The Client is required to designate a safe place of loading and discharge which the Vessel can readily reach, and where the Vessel can berth at and depart from.

4.4 The Carrier is not liable for the consequences of a circumstance or an incident that obstruct or hamper the Vessel in reaching the loading place of the Vessel and/or entail extra costs (in addition to the freight charges payable).

4.5 If an incident or circumstance within the meaning of Article 4 paragraph 4 arises the Carrier is entitled to charge the Client the costs arising as a consequence of the incident or circumstance or to terminate the Contract of Carriage on the grounds of this circumstance or incident without being obliged to compensate for any loss, damage or costs.

4.6 The Carrier is only required to bring the Vessel to the municipality in which the designated place of discharge is located. The Carrier does not guarantee that it can reach the place of discharge.

4.7 If the Vessel is unable to reach the unloading place for whatever reason, the Carrier will inform the Client and the Addressee of the inability to reach the place of discharge, however without being obliged to do so and/or without any liability for not doing so.

4.8 The Addressee is required, after having been informed of the inability to reach the place of discharge on the grounds of Article 4 paragraph 7, to arrange immediately for the transfer and further transport of the Cargo. If the Addressee does not comply immediately with its obligation as described in the preceding sentence of this article, the Carrier itself is at liberty to arrange for the transfer and further transport of the Cargo. The above-mentioned transfer and further transport of the Cargo do not affect the obligation of the Client to pay freight and demurrage.

4.9 If the Vessel, for whatever reason, is unable to reach the designated place of discharge, any costs of transfer, further transport etc. and any associated risks will be charged for and to the Client at all times.

5. Loading and unloading

5.1 Unless the Parties have explicitly agreed otherwise in writing, the Carrier is free to decide which Vessel it will use to transport the Cargo.

5.2 Prior to and at the start of the journey, the Carrier will ensure that the Vessel is suitable for receiving the Cargo, is suitable for the voyage and is equipped with the necessary equipment and crew pursuant to the applicable legislation and regulations, and that the required national and international permits are available.

5.3 If the Client is of the opinion that the Vessel is not suitable for transporting the Cargo, the Client is required by means of a survey to demonstrate the unsuitability of the Vessel. If this survey shows that the Vessel is not suitable for the agreed transport, the Client is entitled to terminate the Contract of Carriage. In that case the Carrier is not required to pay any compensation for loss, damage or costs arising for the Client as a consequence of the termination of the Contract of Carriage. The survey referred to in the first sentence of this article will be carried out by one expert to be appointed by the Carrier and one expert to be appointed by the Client. If these experts disagree on the suitability of the Vessel, this dispute will be submitted to a third expert who will be appointed by these experts jointly.

5.4 Unless the Parties have explicitly agreed otherwise in writing, receipt and delivery of the Cargo will take place on board the Vessel when passing the manifold flange. Upon receipt of the Cargo, the risk of and liability for the Cargo is transferred from the Client to the Carrier at the moment the Cargo passes the Vessel’s manifold flange from the loading hose. Upon delivery of the Cargo, the risk of and liability for the Cargo is transferred from the Carrier to the Addressee or the Client at the moment that the Cargo passes the Vessel’s manifold flange to the discharging hose.

5.5 If a bill of lading has been issued for the transport of the Cargo, delivery of the Cargo as described in Article 5 paragraph 4 will only take place after an original copy of the bill of lading has been handed over to the Carrier at the port of discharge as stipulated in the contract. Thereafter, delivery of the Cargo may no longer be demanded upon handing over one or more of the other original copies of the bill of lading.

5.6 Loading and discharging will take place at the expense and risk of the Client and/or the Addressee. If third parties are engaged for and/or during the loading and/or unloading of the Cargo, these third parties will be deemed to act for and by order of the Client or the Addressee.

5.7 If during loading and discharging the Vessel and/or the Cargo is damaged or causes damage, the Client or Addressee will be obliged to compensate for this damage or to compensate any amount that the Carrier may be required to pay a third party in this respect. The preceding sentence of this provision does not apply if the Client or Addressee demonstrates that the damage was not the consequence of the unsafe nature of and/or a defect to the loading place or place of discharge or the loading or discharging gear at that loading place or place of discharge or as a consequence of actions or omissions on the part of the Client or Addressee or subordinates and/or auxiliary persons or the subordinates and/or auxiliary persons engaged by these subordinates and/or auxiliary persons.

6. Inspection of Cargo

6.1 Before, during and after loading and discharging the cargo, two samples will be taken from the Cargo and sealed.

6.2 Of these samples, a single set of two samples will be given to the Client upon loading, and upon discharging a single set of two samples will be given to the Addressee. The Client will be expected to retain the sample issued to it, also for and on behalf of NIOC Trading. In the event of a dispute concerning the quality of the Cargo delivered to the Addressee, for which NIOC Trading is held accountable by the Client or the Addressee, NIOC Trading may at all times rely on and analyse the sample taken by the Client and also held for and on behalf of NIOC Trading.

6.3 Samples will be taken at the expense and risk of the Client or the Addressee respectively.

6.4 If such sampling causes damage to the Ship, the loading hose or the discharging hose, the Client or the Addressee is responsible for any resulting damage or loss incurred by the Carrier.

6.5 If such sampling causes pollution of surface waters as a consequence of spillage of the Cargo or causes damage or injuries to any natural person, the Client or the Addressee is (are) (jointly and severally) liable for the damage or loss incurred by the Carrier resulting from this pollution or the damage or injuries inflicted on any natural person. In that case, the Client or the Addressee respectively will be obliged to indemnify the Carrier against claims by third parties for compensation of the damage or loss they have incurred resulting from the pollution of the surface water or the damage or loss they suffered as a consequence of any damage or injuries inflicted on any natural person.

6.6 Claims concerning the quality of the Cargo may only be proven with the sealed samples referred to in Article 6 paragraph 1 and by means of a survey ordered by the Carrier and the Client or the Addressee respectively carried out by a loss adjustment agency appointed jointly by the Carrier and the Client or Addressee.

7. Special provisions regarding lay time

7.1 Should it be necessary for the Cargo to be loaded at several places, the loading time will be the total number of hours, commencing at the moment of arrival at the first loading installation and ending at the moment the Vessel is ready to depart from the last loading installation.

7.2 If at the request of the Client the Cargo is to be loaded before the arrival of the seagoing vessel where the Cargo is to be delivered, the hours between the time of loading and the time at which the Vessel sets sail (i.e. the Vessel’s voyage commences) will be regarded as lay time (or demurrage time respectively).

7.3 If due to force majeure a seagoing vessel cannot reach the port where the Cargo is to be delivered under the Contract of Carriage, the extra lay time that will be regarded as demurrage time, will be reduced by 50% (fifty per cent).

8. Demurrage

8.1 Demurrage amounts to EUR 1 (one Euro) per tonne of deadweight capacity of the Vessel per day or pro rata, unless the Parties have agreed in writing on a different amount or other conditions for charging mooring fees.

8.2 The Client is also required to pay demurrage for those hours in excess of the agreed free loading and unloading hours.

8.3 If after departure from the loading port the Vessel is delayed by more than 24 (twenty-four) hours through no fault or action of the Carrier (e.g. due to low or high water or floating ice) for each period of twenty-four hours or part thereof, including Sundays and national holidays, that such delay continues, the agreed amount of demurrage will be payable.

8.4 If the Vessel is delayed due to or in relation to a failure by the Client or Addressee to comply with the obligations under the Contract of Carriage (including these General Conditions), the Client or Addressee will be obliged to pay demurrage.

9. Delays

9.1 If as a result of Force majeure, technical breakdowns to the Vessel or to relevant hydraulic engineering works and/or natural phenomena, including ice formation and high or low water, the Vessel is unable to reach, or reach in time, the place of discharge or the seagoing vessel to be supplied, the Carrier is not liable for any resulting loss (including loss due to delay and reduction in volume), unless it is demonstrated that the Carrier has not acted as a careful carrier.

9.2 If weather or ice conditions make navigation impossible or dangerous, the Carrier is entitled, in consultation with or after informing the Client, to refuse to set sail to certain destinations or the loading place designated by the Client.

9.3 If as a consequence of weather or ice conditions (including but not limited to ice formation or drifting ice and high or low water) a diversion must be taken during the voyage or delays occur, the Carrier is entitled to charge the Client any resulting costs incurred.

9.4 If as a consequence of the circumstances referred to in Article 9 paragraph 3 the Carrier requires extra assistance during the voyage to the destination, the Carrier is entitled to call on this assistance at the expense of the Client and the Addressee.

9.5 A diversion to a safe navigation route as a consequence of weather or ice conditions or high or low water, or the calling on and engaging of extra assistance as described in Article 9 paragraph 3 and 4, will take place entirely at the risk of the Client and the Addressee.

10. Rights and powers of Carrier

10.1 The Carrier is not obliged to insure the Cargo. The Client and/or the Addressee must itself arrange for (adequate) insurance coverage for the Cargo.

10.2 The Carrier is entitled to transport the Cargo along a route other than the agreed or customary navigation route to the port and/or place of discharge.

10.3 The Carrier is entitled, at the risk of the Client or the Addressee respectively, to transfer, lighter or discharge the Cargo received for transport into other vessels, including those of another shipping company and/or to store the Cargo in onshore tanks or elsewhere, where and when circumstances so require and the Carrier, at its sole discretion deems such measurements necessary in the interests of the Vessel and/or the Cargo.

10.4 If the performance of the Contract of Carriage is temporarily or permanently impossible for whatever reason, the Carrier is entitled to discharge and/or store the Cargo at a location the Carrier sees fit at the expense and risk of the Client or the Addressee respectively. Under such circumstances, transport ends when the Cargo is discharged from the Vessel as described in Article 5 paragraph 4.

10.5 If the circumstances as described in Article 10 paragraph 4 arise, the Carrier is also entitled to sell all or part of the stored Cargo, in order to recover from the proceeds the amount(s) owed. The Carrier will take account as much as possible of the justified interests of the Client or the Addressee respectively with such a sale.

10.6 The Carrier will inform the Client and the Addressee of the storage and/or the intended sale of the Cargo and will observe a reasonable period of time for the sale of the Cargo. Notice of default served by the Carrier is not required for the storage or sale of the stored Cargo.

11. Liability of Client and Addressee

11.1 The Client and the Addressee are jointly and severally liable for compliance with the obligations arising from the Contract of Carriage. If several natural persons or legal entities may be considered as Client under the Contract of Carriage within the meaning of Article 1 paragraph 1 sub e, these natural persons or legal entities and the Addressee are jointly and severally liable towards the Carrier for compliance with the obligations under the Contract of Carriage.

12. Exclusion and limitation of liability of the Carrier

12.1 The Carrier is not liable for:

a. damage to or loss of the Cargo (including but not limited to damage or loss as a consequence of discharging or loading activities) that arises before the Cargo has passed the Vessel’s manifold flange at the time of loading or after it has passed the Vessel’s manifold flange at the time of unloading;

b. damage or loss as a consequence of incorrect, erroneous or incomplete announcements to any authority (including port and customs authorities) concerning the nature and composition of the Cargo;

c. damage or loss as a consequence of damage to the goods loaded (including the non-delivery or the entire or partial loss of the goods), in so far as this loss or damage is the result of Force majeure;

d. damage or loss as a consequence of loss, damage or delay resulting from fire, contamination, a decline in quality, explosion, heat, cold, deterioration, melting, breakage, rust, internal damage, drying-out, leakage, normal transport losses (in volume or weight), ignition, corrosion or from pests and/or rodents, unless it can be demonstrated that the Carrier has not acted as a careful carrier;

e. damage or loss as a consequence of circumstances and/or incidents that prevent, hamper and/or increase the costs of navigation to the loading place or place of discharge of the Vessel or hamper the loading or unloading of the Cargo, notwithstanding the right of the Carrier to charge the costs arising from these circumstances or incidents to the Client and/or any other natural or legal person concerned;

f. damage or loss as a consequence of a delay in the delivery of the Cargo as a result of Force majeure;

g. consequential damage, including but not limited to loss due to delays or trading loss;

h. damage or loss as a consequence of the actions or omissions of the Client and/or the Addressee and/or subordinates and/or auxiliary persons and / or agents engaged by the Client and/or the Addressee and / or subordinates and/or auxiliary persons and / or agents engaged by the above-mentioned auxiliary persons and / or agents.

12.2 Furthermore, NIOC Trading accepts no liability whatsoever in respect of the quality of the products on board its bunker barges or the laden tonnage, nor in the onshore tanks, regardless as to whether the products have been blended or mixed, whether or not on board the Ship.

12.3 The Client is obliged to indemnify the Carrier against all claims by third parties, as a result of which the Carrier would be liable further than on the grounds of the Contract of Carriage (also including damage or loss as a consequence of blending activities).

12.4 The liability of the Carrier for loss of or damage to the Cargo in the event of transport solely on Dutch inland waterways is limited to the amount as described in the Order in Council based on Section 905 of Book 8 of the Netherlands Civil Code, currently for unpackaged bulk goods (as laid down in Article 4 of the decree of 11 March 1991, implementing Section 905 of Book 8 of the Netherlands Civil Code) EUR 227 (two hundred and twenty-seven EURO) per 1000 (thousand) kilograms of Cargo or a remaining part thereof.

12.5 The liability of the Carrier for loss of or damage to the Cargo in the event of (an agreed) international transport on inland waterways is limited to the limit as stated in Article 20 paragraph 1 of the CMNI Convention, currently 2 (two) SDR for each kilogram of the weight of the lost of damaged Cargo referred to in the Transport Document.

12.6 The liability of the Carrier for loss of or damage to the Cargo in the event of (an agreed) transport on inland waterways, not being international transport and to which the provisions of Book 8 of the Netherlands Civil Code are not (by operation of law) applicable, is also limited to the limit as stated in Article 20 paragraph 1 of the CMNI Treaty, currently 2 (two) SDR for each kilogram of the weight of the lost or damaged Cargo referred to in the Transport Document.

12.7 The liability of the Carrier for delays in the delivery of the Cargo is equal to once the amount of the agreed freight.

12.8 If the amounts referred to in Article 12 paragraph 4, 5, 6 and 7 are changed (regardless of the reason for that change) the liability of NIOC Trading will be modified or changed accordingly.

12.9 The total liability of the Carrier for loss as a consequence of the loss of or damage to the Cargo and loss as a consequence of a delay in the delivery of the Cargo, shall never exceed the amount of compensation that must be paid in the case of total loss of the Cargo.

12.10 The limitation of liability as described in Article 12 paragraphs 4, 5, 6 and 7 is not applicable if the Client or the Addressee demonstrates that the loss or damage is the consequence of intentional or deliberate reckless actions or omissions on the part of the Carrier.

13. Liability towards third parties and Himalaya clause

13.1 The Carrier is not liable towards third parties any more than it would be liable under the terms of these General Conditions.

13.2 The employees, subordinates, service providers, contractors and/or (independent auxiliary persons and / or agents engaged by the Carrier in connection with the performance of the Contract of Carriage, regardless of the manner in which the Carrier has engaged these parties, if they are called upon in respect of the performance of the Contract of Carriage by the Client, the Addressee or a third party to pay compensation for any damage or loss and/or costs incurred as a consequence of the performance of the Contract of Carriage, are entitled to rely on indemnification and the limitation of liability as contained in these General Conditions.

13.3 The Client and the Addressee are obliged to indemnify employees, subordinates, service providers, contractors and/or (independent) auxiliary persons and / or agents engaged by the Carrier in connection with the performance of the Contract of Carriage against claims by third parties which these third parties may have against these employees, subordinates, service providers, contractors and/or (independent) auxiliary persons and / or agents in connection with the performance of the Contract of Carriage.

14. Notification of loss or damage

14.1 In the event of visible damage to the Cargo, the Addressee is required to inform the Carrier if this immediately in writing at the time of or during unloading as described in Article 5 paragraph 4 and, if the damage is not directly visible, no later than 7 (seven) contiguous days after delivery and to give the Carrier the opportunity to have an expert appointed by the Carrier to inspect the defect or damage.

14.2 If the (written) notification as described in Article 14 paragraph 1 is not made, the Cargo will be deemed to have been received in the same condition and quantity by the Addressee as that in which it was offered to the Carrier for transport.

15. General Average

15.1 Any General Average will be arranged between the Parties in accordance with the IVR General Average Rules, latest version.

15.2 The apportionment in General Average will be calculated at the place and by those designated by the Carrier for that purpose.

15.3 The Carrier is entitled to claim General Average, regardless as to whether the danger that gave rise to the sacrifice or the costs incurred was caused through the fault of the shipping company, the Skipper or the crew or other persons employed by the shipping company or the unseaworthiness of the Vessel. In that case the Client and Addressee explicitly waive all available claims and legal remedies against the Carrier for the contribution paid by them in the General Average. The aforementioned waiver of claims and legal remedies does not affect the claims and legal remedies that the Client and Addressee have on the Carrier on the grounds of provisions of mandatory law.

15.4 The Carrier is entitled to sign the average bond customary at the place of the adjustment on behalf of the Client(s) and the Addressee(s).

16. Indebtedness of freight

16.1 Regardless as to whether or not the Vessel arrives at the destination or at the port of discharge, or whether or not the Cargo is delivered in a good or poor condition or is entirely or partially lost, the full freight as agreed must be paid for. The full freight is payable after loading the Cargo as described in Article 5 paragraph 4.

16.2 The Carrier is entitled to one-third of the agreed freight in case:

a. No Cargo is offered for transport;

b. The Client cancels the Contract of Carriage before the start of the voyage;

c. Commencement of the voyage is wholly or partly impossible.

16.3 In the event of major fluctuations in the price of gas oil, the Carrier is entitled to compensation in respect of the freight price contractually agreed with it. For each net price increase the Carrier will submit documentary evidence of the net price it has paid.

17. Payment and debt collection

17.1 The Carrier will send the Client an invoice in respect of the performance of the Contract of Carriage, specifying the freight, extra costs and demurrage to be paid.

17.2 The Client is obliged to notify the Carrier of inaccuracies in the invoice received within five working days. If the Client does not notify the Carrier of any objections to the invoice within the aforementioned period, the invoice will be deemed to be correct.

17.3 Outstanding invoices must be paid within 30 (thirty) days of the invoice date. If the payment term is exceeded, the Client will be charged statutory interest on the invoiced amount.

17.4 The Client is obliged at all times to pay the full amount of freight and demurrage. The Client is not entitled to defer the payment for whatever reason or to set off any claims it may have against the Carrier under the Contract of Carriage, previous Contracts of Carriage or otherwise against the freight, mooring fees, demurrage or (extra) costs due.

17.5 The Carrier has the right of retention and a right of pledge on the Cargo or part thereof, as well as on documents and monies that the Carrier may have or receive in its possession for any reason and for any purpose, towards any party who requests delivery thereof (including the Client, Addressee and the owner of the goods), for all claims that it has or may obtain against the Client, the Addressee or the owner of the goods in connection with the Contract of Carriage, previous Contracts of Carriage, orders or voyages.

17.6 The right of retention described in Article 17 paragraph 5 will be waived against payment of the amounts payable (jointly and severally) by the Client, Addressee and/or the owner of the Cargo. If the claim of the Carrier is disputed, the retention right described in Article 17 paragraph 5 will only be waived upon provision of sufficient security (including the issue of a guarantee drawn up using the (most recent version of the) Rotterdam Guarantee Form).

18. Assignment of claims

18.1 The Client or Addressee is not entitled to cede or assign any claim on the Carrier to a third party without prior written approval of the Carrier.

18.2 Article 18 paragraph 1 is not applicable to the assignment of an order or bearer bill of lading, or claims arising from such an order or bearer bill of lading, issued in respect of the agreed transport by the Carrier.

19. Limitation period and expiry

19.1 Each claim by the Client or the Addressee under a Contract of Carriage concluded with NIOC Trading will become time barred after a period of 12 (twelve) months.

19.2 The limitation period described in Article 19 paragraph 1 commences on the day following the day on which the Cargo received by the Carrier for transport is delivered or, in the event of loss or delay in the delivery of the Cargo, the day following that on which the unloading of the Cargo should have been completed.

19.3 All other claims on the Carrier for whatever reason become time barred after a period of 12 (twelve) months, counting from the day on which the incident on which the claims are based took place.

19.4 Each claim (regardless of the basis of the claim) against the Carrier expires by the mere lapse of 18 (eighteen) months.

20. Applicable law and the competent court

20.1 These General Conditions as well as any contracts of carriage or bunker contracts concluded with NIOC Trading are subject to Dutch law.

20.2 Any disputes that may arise under the contract(s) concluded or to be concluded with NIOC Trading will in the first instance be resolved exclusively by the District Court of Rotterdam.

21. Miscellaneous

21.1 Invalid provisions: If any clause or provision of these General Terms and Conditions or a Contract of Carriage concluded with NIOC Trading is or becomes invalid due to a conflict with any provision of mandatory law, the other provisions of these General Terms and Conditions or that Contract of Carriage will remain in full force. If the aforementioned invalid provision corresponds in the main with another, valid provision, this other provision will be deemed to replace and assumed to have the same force of the invalid provision to the maximum extent possible.

21.2 Language: These General Conditions have been drawn up in both the Dutch and the English language. In the event of differences or conflicts between these language versions, the Dutch text will be decisive. All terms used in these General Conditions must be interpreted as terms under Dutch law.

21.3 Interpretation of the General Terms and Conditions. The provisions of these General Conditions cannot be interpreted as a broadening of the liability of the Carrier or a limitation of its rights in respect of mandatory provisions of applicable law or uniform transport treaties.

21.4 Handing over of General Terms and Conditions. These General Terms and Conditions have been filed with the registry of the District Court of Rotterdam and will be made available by NIOC Trading to the Client on demand. These General Condition may also be viewed and printed via the website of NIOC Trading (www.nioctrading.nl).

SUPPLEMENTARY TERMS AND CONDITIONS FOR BUNKER ACTIVITIES

22. Applicable supplementary conditions

22.1 If bunker activities are carried out by NIOC Trading, the following Supplementary Terms and Conditions for Bunker Activities will also apply. In that case the Supplementary Terms and Conditions for Bunker Activities form a single entity and must be interpreted and applied as such.

23. Lay time and demurrage

23.1 For loading and unloading bunker ships, for each barge the following maximum periods over which no demurrage needs to be paid are as follows:

Tonnage per barge number of free lay time hours

0 – 1000                             18
1001 – 1500                        24
1501 – 2500                        28
2500                                   32

23. Demurrage is based on a price per gross tonnage per barge. The price is EUR 1 (one Euro) per tonne per day. The hours will be calculated on a pro rata basis.

24. Loading /discharging

24.1 If the Cargo has to be loaded at several places for bunker activities, loading time will be: “the total number of hours, commencing at the moment of arrival at the first loading installation and ending at the moment the barge is ready to depart from the last loading installation”.

24.2 If at the request of the Client the bunker barge is to be loaded before the arrival of the seagoing vessel, these hours will be regarded as demurrage time.

25. Force majeure

25.1 If due to force majeure a seagoing vessel cannot reach port, the extra mooring time, which must be regarded as demurrage time, will be reduced by 50% (fifty per cent).

26. Blending

26.1 If the loading pumps of a bunker barge of NIOC Trading are used to blend or mix two products, a rate of EUR 0.50 (fifty Euro cents) per tonne will be charged.

26.2 The Carrier gives no guarantee whatsoever in respect of the quality, composition or homogeneity of blended or mixed products.

26.3 Article 12 paragraph 2 applies in full in the case of blending or mixing activities.

27. Bad weather clause

27.1 If as a consequence of bad weather conditions (including but not limited to fog or storm) the pilot cannot board the seagoing vessel, only 50% (fifty per cent) of the extra demurrage time payable will be charged.


Elitra B.V.
Baronielaan 103
4818 PD Breda
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