It is to be replaced by 1992 Civil Liability Convention, which was adopted as a Protocol to this Convention in 1992. This IMO Convention provides funds for oil pollution damage to supplement that paid from 1969 Civil Liability Convention. It establishes an international fund from contributions of oil importers. It is to be replaced by 1992 Fund Convention, which was adopted as a Protocol to this convention in 1992. Annexes governing oil and chemicals are compulsory but annexes on packaged materials, sewage and garbage are optional.
Annexes contain detailed regulations and are updated regularly.
This UN Convention is generally regarded to be the most important global convention since the UN Charter. It establishes a legal regime to goven the oceans, creates new institutions and provides a constitutional framework for the oceans. It entered into force in 1994 and is now universally accepted. It has been supplemented by a 1994 implementation agreement on deep seabed resources and by a 1995 implementation agreement on fish stocks. This IMO convention deals with maritime terrorism by making persons who commit acts against the safety of maritime navigation subject to arrest and either extradition or prosecution in all States Parties.