Bimco Commercial Management Agreement


The other party confirms that it agrees to the mediation within 14 calendar days of receipt of the mediation; in such a case, the parties shall then agree on a mediator within a further fourteen calendar days, failing which, at the request of one of the parties, a mediator shall be immediately appointed by the arbitral tribunal (“the tribunal”) or by a person whom the tribunal may designate for that purpose. In cases where the owners may find negligence alone, the manager`s liability is nevertheless limited to 10 times the annual administrative costs.20 Liability exceeds the limit only if the loss is due to the “personal act or omission” of the manager, committed recklessly or with the intention of causing it, and knowing that: 21 In addition, the owners have full indemnification obligations towards the manager in the context of the manager`s performance of the contract, excluding only matters and amounts for which the manager would otherwise be liable under the contract. . . .

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