| GUEST LECTURER |
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| Our Guest Lecturer was Captain Norman Lopez, FICS, Extra Master (Thomas Gray Medallist), Solicitor, LLB, B.Ad.Voc.T., MA (International Studies), Grad Dip Leg Practice, Chartered Shipbroker. |
| Captain Norman Lopez is closely involved with the maritime industry and has been for more than 50 years: as a sea-going officer including Master, maritime academic, author, maritime arbitrator, P&I Correspondent, FOSFA Superintendent and Solicitor. He presently practises as a Nautical Consultant, and Maritime Trainer and will be resuming practice as a Solicitor. He is the Chairman of the Education and Training Committee of the Institute of Chartered Shipbrokers. |
| In recent years he has designed and delivered numerous practical workshops around the world and On-Line for people in the maritime industry and who engage in International Trade, including banking staff. He is the author of the 11th Edition of Bes’ Chartering and Shipping Terms and other reference works and is presently preparing new works on Chartering and Shipping and on Agents in the Shipping Business. |
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 : Norman Lopez |
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ABOUT THE MASTERCLASSES
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| MasterClasses are 1) designed to target a specific topic, 2) meant to deliver unique competencies to highlight the business's theoretical and practical aspects, and 3) meant to offer participants the opportunity to solve their companies’ problems and improve their professional performance. They are delivered on-line and in English. |
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| SUMMARY |
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| For many centuries Bills of Lading have almost been essential to most International Trade. However, when ships became faster over the years, they arrived at the discharge port before the documentary Bill of Lading arrived. The buyers of the cargo described in the Bill of Lading could not receive the cargo without surrendering the original Bill. Letters of Indemnity emerged only almost exactly one century ago as a logistical tool to solve this problem. A “Letter of Indemnity” is a unique “contract” usually contained in a document. In this contract one person agrees to protect (compensate) the other person, usually financially, if that other person suffers some loss. |
| Letters of Indemnity have been used in a good way by shipowners, charterers, exporters, sellers, importers, buyers and banks and they continue to be acceptable. However, the nature of humans and corporations being what it is, fraud sets into what used to be good transactions and these indemnity contracts are used in a bad way. If that is not bad enough, irresponsible “players” in international trade are taking steps to create really ugly situations from Letters of Indemnity being traded rather than the Bills of Lading they are supposed to support and which sometimes do not even exist to situations where in this present century, financial institutions such as banks are being defrauded for tens of millions of dollars for cargo they financed and which may not exist, because of use of Letters of Indemnity. |
| This MasterClass elaborated on these issues and identified where the Bad and the Ugly situations arise and can be recognised; it suggested how the adverse outcomes of these situations can be averted. |
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| This MasterClass took place online via CiscoWebex on 02 November 2023, at 1100-1300 Lisbon | London time. |
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TARGET AUDIENCE
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| MasterClasses target all Players interested in Distribution Channels, Logistics and Maritime Economics issues. It includes University Students, Importers / Exporters, Shippers, Shipping Companies, Vessel Operators, Shipping Agents, Freight Forwarders, Supply Chain Managers, 3PLs, Port Authorities, Port Terminal Operators, International and/or Intermodal Transport Companies, Maritime Lawyers, Consultants, and other parties with interest in the subject matter. |
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