Bbchp Agreement

In any event, whether or not there is a `legitimate ground` is decided by the General Court taking into account extensive circumstances. According to Korean Supreme Court precedents, it is generally accepted that a “justified reason” is an unavoidable reason or a reason that prevents the employment contract from maintaining the employment contract, taking into account general circumstances such as the state of affairs, the status and duty of the seafarer, the impact of the seafarer`s behavior on the working environment. the seafarer`s previous attitude, etc. The Korean Seafarers Act is the most important law governing seafarers` employment contracts, minimum wage, hours of work, paid holidays, accident compensation and other seafarers` obligations and rights, while the Korean Law on Accident Compensation for Fishermen and Fishing Vessels applies separately to fishing crew accident compensation. If a seafarer leaves a ship in a port which is neither his residence nor the place where he concluded a maritime employment contract, the shipowner shall immediately take the seafarer either to his home or to the place where he concluded the contract of employment, at the expense and under the responsibility of the shipowner (Article 38, paragraph 1 of the Korean Seafarers` Law). The BBCHP is a unique maritime financing model in South Korea. Since it takes a lot of money to buy a ship, many South Korean shipping companies borrow money from banks to build a ship. Under a BBCHP agreement, loan repayments are made by the ship operator or borrower to the financial institution in the form of chartered rents. Ownership of the vessel will be returned to the vessel operator as soon as the loan has been repaid in full. Even during the repayment period of the loan, the vessel is considered on BBCHP as the property of the vessel operator, not the financial institution. Ship financing or maritime financing is closely linked to the maritime industry, shipbuilding and the banking sector. A ship is the most important capital of a shipping company. Therefore, the leaders of the shipping company should make a prudent decision when it comes to shipbuilding, given that shipbuilding is long-term and the price of the ship is very expensive.

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Teisha Rowland, PhD, is the author of this blog.


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