Understanding the Notice of Readiness (NOR) and how it can affect the bottom line.

International Business House

Course

Online

£ 840 VAT inc.

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Description

  • Type

    Workshop

  • Level

    Beginner

  • Methodology

    Online

  • Class hours

    8h

  • Duration

    2 Days

  • Delivery of study materials

    Yes

  • Virtual classes

    Yes

International Business House brings you this course to give a full understanding of Notice of readiness (NOR). The elucidative programme lasts 2 days.

Day 1 will cover what NOR is along with case studies, the validation of NOR and definitions.
Day 2 focuses on retaining the knowledge from the prior day by putting it into practice, a workshop will be given to investigate real situations where the NOR as presented in an owner's claim could be invalid, or ineffective at the time given. The workshop will permit you to complete up to 4 separate investigations to discover when the NOR needed to be given in order to be both valid and effective.

You will have course materials from day 1 that will provide you with various court rulings and arbitration awards that may need to be taken into account.

About this course

Day 1 of the course sets ou to give you:
- The understanding of what, why, how, where and when of the NOR
- The ability to determine valid or Invalid NOR
- Case studies of landmark court rulings affecting NOR
- Learning the compound effect of court rulings
Day 2 of this course will be a workshop giving you the opportunity to investigate real situations where the NOR as presented in an owner's claim could be invalid, or ineffective at the time given. As a result, this could have a significant impact on the amount of time counting. Subject to the time taken, it is expected that the workshop will permit you to complete up to 4 separate investigations to discover when the NOR needed to be given in order to be both valid and effective.

Whether an owner or charterer the Notice of Readiness (NOR) holds the key to either ensuring you maximise your demurrage income as an owner or minimize your demurrage exposure and overhead as a charterer. So, if you have any doubts about this, then this course is for you. It is designed to appeal and be of value and interest to owners, charterers, brokers, agents, suppliers and receivers relying on tanker shipping of bulk liquids.

Industry Certificate of IBH: 8 CPD hours

Please visit our website at https://ibhouse.net/en/training/upcoming/virtual-course-understanding-the-notice-of-readinessNOR/programme

It’s an interesting question and one that this one-day online course will answer for you.

Our lecturer will take you through the reasons for the NOR, why getting it right is so important and getting it wrong can be so financially damaging. You will be guided through the pitfalls that affect the amount of demurrage the NOR can generate, and take a detailed look at key court judgements that have determined when a NOR may or may not be valid and/or effective. Interaction with delegates and delegate exercises will be a feature of this course.

Register here: https://form.jotform.com/210320431363338

You will have a broad understanding of NOR along with Industry standard Certificate of IBH: 8 CPD hours.

The course fee covers:
- Participation at 8 hour Virtual Module
- The Course materials in e-version
- Industry Certificate of IBH: 8 CPD hours

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Subjects

  • Ship Master document (NOR)
  • Arbitrage
  • Trading
  • Definitions
  • Contracts
  • Oil Trading
  • Communications
  • Understanding Terms agreed
  • Trading Options

Teachers and trainers (1)

John Cohen

John Cohen

Tanker Shipping Consultancy Services

Following ten years in supply and distribution with Total in the UK, John spent seventeen years in broking and operations, managing and running a number of tanker broking companies. He joined Reuters in 1992 to develop information services for the transport markets and to manage their tanker shipping service. John has provided training for the shipping and energy markets in tanker chartering and operations for the last 15 years and, as well as running this course and participating, he lectures regularly both in the UK and abroad.

Course programme

Session 1: 09:00 -11:00 (with 15 min break)

The what, why, how, where and when of the NOR

- NOR and Demurrage
- Arbitration and the Courts
- Example NOR
- Why and How it is given?
- Turkish Straits
- Laydays/cancelling

Valid or Invalid NOR

- Valid or Invalid NOR?
- NOR Allowance
- BIMCO definitions

10.45 to 11.00 Questions

30 Lunch


Session 2: 11:30 -13:30 (with 15 min break)

Landmark court rulings affecting NOR

- Johanna Oldenforff
- Mexico 1
- Petr Schmidt
- Happy Day

Compound effect of court rulings

- Agreed terms
- When does laytime start

13.15 to 13.30 Questions and close


Duration: 4 hours

DAY 2

Knowledge is best retained when given the opportunity to put into practice the information you have learned.

Day 2 of this course will be a workshop giving you the opportunity to investigate real situations where the NOR as presented in an owner's claim could be invalid, or ineffective at the time given. As a result, this could have a significant impact on the amount of time counting. Subject to the time taken, it is expected that the workshop will permit you to complete up to 4 separate investigations to discover when the NOR needed to be given in order to be both valid and effective.

You will work in small groups and will be provided with the appropriate information to permit you to complete each investigation as follows:

  • The voyage contract terms and conditions
  • The NOR for each situation being analysed
  • The Statement of Facts/Time sheets
  • Letters of Protest that could affect the validity of the tendered NORs
  • Owners laytime statement

You will also have your course materials from day 1 that will provide you with various court rulings and arbitration awards that you may need to take into account

Each investigation will be divided into 4 stages with a review and discussion of each stage as it is completed.

The stages will be as follows:

  1. Identifying from the terms and conditions, those items that have the potential to affect the NOR's validity
  2. By reference to the laytime statement and other supporting documents, identifying those terms that have the potential to affect the NOR's validity
  3. Determining the validity of the NOR and the start of laytime based on your interpretation and application of the terms you believe are applicable
  4. Confirming owners submission of the start of laytime, or such later time you believe is correct and calculating the reduction in time, if any, this produces

The precise content of each investigation will be decided nearer to the date of the course. If you believe that you have a situation that could be included, then you are invited to provide details. Any submissions will be carefully considered as to their suitability, and you will be advised in advance of this and for any additional information that may be required in order to meet the investigation procedure.

See related categories

Understanding the Notice of Readiness (NOR) and how it can affect the bottom line.

£ 840 VAT inc.

The best International Trade courses

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