In late November 2013, at the request of one of our owner members, we approached a charterer who had failed to honour an Arbitration Award issued a few months earlier in the total amount of USD 122,000 and urged him to arrange for payment of the awarded amount. The charterer responded immediately, advising that the parties had resumed discussions regarding payment. BIMCO had to follow up in mid-February and caution the charterer that a Notice to Members would be issued should he continue to disregard the said Award. Payment was effected on 26 February.
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