Document:

EX-10.8

			
	Privileged and Confidential	  	 EXHIBIT 10.8

  
 COMMERCIAL AND
ADMINISTRATION 
 MANAGEMENT AGREEMENT 

 
 between 

 
 SRV JOINT GAS LTD. 

 
 and 

 
 HÖEGH LNG AS 

 
 This Management Agreement (the “Agreement”) is made as of
24 November 2009 between; 
  
 SRV Joint Gas Ltd. (the
“Owner”) of c/o Appleby Corporate Services (Cayman) Limited, P.O. Box 1350 GT, Clifton House, 76 Fort Street, George Town, Grand Cayman, Cayman Islands; and 

 
 Höegh LNG AS (the “Manager”) of P.O. Box 4
Skøyen, Drammensveien 134, 0212 Oslo, Norway. 
  

	1.	 	The Manager hereby undertakes to provide the Owner with the following services (the “Services”): 

 

	 	a)	 	accounting, including budgeting, reporting and annual audited reports 

 

	 	b)	 	finance and cash management 

  

	 	c)	 	legal (in house) 

  

	 	d)	 	commercial 

  

	 	e)	 	insurance 

  

	 	f)	 	general office administration and secretary functions 

  

	2.	 	The Owner shall pay to the Manager for the above Services an annual management fee. The management fee shall cover actual cost of the manager, plus a 3 % profit
margin. It shall not include any extra ordinary profits. The amount should be approved between the shareholders at a mutually agreeable level, which should be in line with international business standards. 

 

	3.	 	The Management Fee shall not include extraordinary commercial work (such as S&P and other project work), external or extraordinary legal costs, extraordinary
insurance work (such as following up major claims) corporate fees in Cayman Islands and auditors fees, which will be invoiced directly to the Owner. 

 

	4.	 	For 2009 the fee shall be calculated on a pro rata basis, commencing on vessel delivery. From and including 1 January 2010 the Management Fee will be budgeted at
the beginning of each year. 

  

	5.	 	This Agreement shall come into force as of 24 November 2009. 

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 of 3) 
  
  

	6.	 	The Owner hereby ratifies and confirms and agrees to ratify and confirm whatsoever the Manager shall do or purport to do properly and lawfully under or pursuant to this
Agreement. 

  

	7.	 	It is hereby agreed and declared that the Manager shall not be: 

  

	 	a)	 	restricted from rendering services similar to the services to be rendered hereunder, to other companies or from carrying on or being concerned or interested (whether as
manager, agent, buyer, operator, charterer or otherwise) in any business or activity which is or may be similar to or competitive with the business or activities now or at any time hereafter carried on by the Owner; or 

 

	 	b)	 	liable or answerable for the consequences of any decision or judgement taken or made honestly, lawfully and in good faith by the Manager in or about the performance or
exercise of any of its obligations, duties, powers or discretions under or pursuant to this Agreement. 

  

	8.	 	The Owner shall indemnify and hold the Manager, its employees, servants, agents and sub-contractors free and harmless from all and any claims of whatsoever kind or
nature for any damage, loss, expenses or costs whatsoever and howsoever caused to, suffered or incurred by the Owner and/or to any third party whosoever arising out of or in connection with the performance of the duties of the Manager.

  

	9.	 	It is hereby expressly agreed that no employee, servant, agent or sub-contractor of the Manager shall in any circumstances whatsoever be under any liability whatsoever
to the Owner for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment and without prejudice to the
generality of the foregoing provisions in this Clause, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defense and immunity of whatsoever nature applicable to the Manager or to which the
Manager is entitled hereunder shall also be available and shall extend to protect every such employee, servant, agent or sub-contractor of the Manager. 

 

	10.	 	This Agreement may be terminated by either party giving 90 days written notice. 

 

	11.	 	This Agreement shall be governed by and construed in accordance with English law. Any claim, dispute or controversy arising among the parties out of or in relation to
this Agreement, shall be settled pursuant to the procedure set out in Clause 19.1 of the Shipman 98 Ship Management Agreement. 

  (Page
 3
 of 3) 
  
  

This Agreement has been executed in 2 original counterparts, one to each of the parties. 

 

									
	 SRV Joint Gas Ltd.
	 		 	 Höegh LNG AS

			
	         /s/ GEIRMUND
ASABØ
	 		 	         /s/ S.
STØHLE

	 Name:
	 	 Geirmund Aasbø
	 		 	 Name:
	 	 Sveinung J. Støhle

	 Title:
	 	 Attorney-in-Fact.
	 		 	 Title:
	 	 President & CEOEX-10.9

			
	Privileged and Confidential	  	EXHIBIT 10.9

  
 (Page 1 of
3) 
  
 COMMERCIAL AND ADMINISTRATION

 MANAGEMENT AGREEMENT 
  

between 
  

SRV JOINT GAS TWO LTD. 
  

and 
  

HÖEGH LNG AS 
  

This Management Agreement (the “Agreement”) is made as of 19 May 2010 between; 

 
 SRV Joint Gas Two Ltd. (the “Owner”) of c/o Appleby
Corporate Services (Cayman) Limited, P.O. Box 1350 GT, Clifton House, 75 Fort Street, George Town, Grand Cayman, Cayman Islands: and 
  

Höegh LNG AS (the “Manager”) of P.O. Box 4 Skøyen, Drammensveien 134, 0212 Oslo, Norway. 

 

	1.	 	The Manager hereby undertakes to provide the Owner with the following services (the “Services”): 

 

	 	a)	 	accounting, including budgeting, reporting and annual audited reports 

 

	 	b)	 	finance and cash management 

  

	 	c)	 	legal (in house) 

  

	 	d)	 	commercial 

  

	 	e)	 	insurance 

  

	 	f)	 	general office administration and secretary functions 

  

	2.	 	The Owner shall pay to the Manager for the above Services an annual management fee. The management fee shall cover actual cost of the manager, plus a 3 % profit
margin. It shall not include any extra ordinary profits. The amount should be approved between the shareholders at a mutually agreeable level, which should be in line with international business standards. 

 

	3.	 	The Management Fee shall not include extraordinary commercial work (such as S&P and other project work), external or extraordinary legal costs, extraordinary
insurance work (such as following up major claims) corporate fees in Cayman Islands and auditors fees, which will be invoiced directly to the Owner. 

 

	4.	 	For 2010 the fee shall be calculated on a pro rata basis, commencing on vessel delivery. From and including 1 January 2011 the Management Fee will be budgeted at
the beginning of each year. 

  

	5.	 	This Agreement shall come into force as of 19 May 2010. 

  (Page
 2
 of 3) 
  
  

	6.	 	The Owner hereby ratifies and confirms and agrees to ratify and confirm whatsoever the Manager shall do or purport to do properly and lawfully under or pursuant to this
Agreement. 

  

	7.	 	It is hereby agreed and declared that the Manager shall not be: 

  

	 	a)	 	restricted from rendering services similar to the services to be rendered hereunder, to other companies or from carrying on or being concerned or interested (whether as
manager, agent, buyer, operator, charterer or otherwise) in any business or activity which is or may be similar to or competitive with the business or activities now or at any time hereafter carried on by the Owner, or 

 

	 	b)	 	liable or answerable for the consequences of any decision or judgement taken or made honestly, lawfully and in good faith by the Manager in or about the performance or
exercise of any of its obligations, duties, powers or discretions under or pursuant to this Agreement. 

  

	8.	 	The Owner shall indemnify and hold the Manager, its employees, servants, agents and sub-contractors free and harmless from all and any claims of whatsoever kind or
nature for any damage, loss, expenses or costs whatsoever and howsoever caused to, suffered or incurred by the Owner and/or to any third party whosoever arising out of or in connection with the performance of the duties of the Manager.

  

	9.	 	It is hereby expressly agreed that no employee, servant, agent or sub-contractor of the Manager shall in any circumstances whatsoever be under any liability whatsoever
to the Owner for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment and without prejudice to the
generality of the foregoing provisions in this Clause, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defense and immunity of whatsoever nature applicable to the Manager or to which the
Manager is entitled hereunder shall also be available and shall extend to protect every such employee, servant, agent or sub-contractor of the Manager. 

 

	10.	 	This Agreement may be terminated by either party giving 90 days written notice. 

 

	11.	 	This Agreement shall be governed by and construed in accordance with English law. Any claim, dispute or controversy arising among the parties out of or in relation to
this Agreement, shall be settled pursuant to the procedure set out in Clause 19.1 of the Shipman 98 Ship Management Agreement. 

  (Page
 3
 of 3) 
  
  

This Agreement has been executed in 2 original counterparts, one to each of the parties. 

 

									
	 SRV Joint Gas Two Ltd.
	 		 	Höegh LNG AS
			
	         /s/ THOMAS
THURKILDSEN
	 		 	         /s/ SVEINUNG J.
STØHLE

	 Name:
	 	Thomas Thurkildsen	 		 	 Name:
	 	Sveinung J. Støhle
	 Title:
	 	Attorney-in-Fact	 		 	 Title:
	 	President & CEOEX-10.10

 

 
  
 EXHIBIT
10.10 
 Date of Agreement 
 23 November 2009 
 THE BALTIC AND
INTERNATIONAL MARITIME COUNCIL (BIMCO) 
 STANDARD SHIP MANAGEMENT AGREEMENT 

CODE NAME: “SHIPMAN 98” 
 Part I 
 Owners (name, place of registered office
and law of registry) (Cl. 1) Managers (name, place of registered office and law of registry) (Cl. 1) 
 Name

 SRV Joint Gas Ltd 
 Name 
 Höegh LNG Fleet Management AS

 Place of registered office 
 Clifton House 
 75 Fort Street 

Grand Cayman 
 Cayman Islands 
 Place of registered office

 Drammensveien 134 
 0277 Oslo 
 Norway 

Law of registry 
 Cayman Islands 
 Law of registry 

Norway 
 Day and Year of commencement of Agreement (Cl. 2) 

Upon delivery of the Vessel from Samsung Heavy Industries Co. Ltd. 

Crew Management (state “yes” or “no” as agreed) (Cl. 3.1) 

YES 
 Technical Management (state “yes” or “no” as agreed) (Cl. 3.2) 
 YES 
 Commercial Management (state “yes”
or “no” as agreed) (Cl. 3.3) 
 NO 

Insurance Arrangements (state “yes” or “no” as agreed) (Cl. 3.4) 

NO 
 Accounting Services (state “yes” or “no” as agreed) (Cl. 3.5) 
 YES 
 Sale or purchase of the Vessel (state
“yes” or “no” as agreed) (Cl. 3.6) 
 NO 

Provisions (state “yes” or “no” as agreed) (Cl. 3.7) 

YES 
 Bunkering (state “yes” or “no” as agreed) (Cl. 3.8) 
 NO 
 Chartering Services Period (only to be filled
in if “yes” stated in Box 7) (Cl. 3.3(i)) 
 NO 

Owners’ Insurance (state alternative (i), (ii) or (iii) of Cl. 6.3) 

[6.3(ii)] 
 Annual Management Fee (state annual amount) (Cl. 8.1) 
 USD 559 313 (Cost pass through) 
 Severance Costs
(state maximum amount) (Cl. 8.4(ii)) 
 N.A. 

Day and year of termination of Agreement (Cl. 17) 
 As per Clause 17 Law and Arbitration (state alternative 19.1, 19.2 or 19.3; if 19.3 place of arbitration must be stated) (Cl. 19) 

English Law as per cl 19.1. Any arbitration will take place in London 

Notices (state postal and cable address, telex and telefax number for serving notice and communication to the Owners) (Cl.
20) 
 SRV Joint Gas Ltd 
 C/O Höegh LNG AS 
 Drammensveien 134

 P.O. Box 4 Skøyen 
 0212 Oslo 
 Norway 

Tel: +47 21 03 90 00 
 Fax: +47 21 03 90 13 
 Notices (state postal and
cable address, telex and telefax number for serving notice and communication to the Managers) (Cl. 20) 

Höegh LNG Fleet Management AS 
 Drammensveien 134 
 P.O. Box 4 Skøyen

 0212 Oslo 
 Norway 
 Telephone: +47 21 03 90 00 

Facsimile: +47 21 03 90 13 
 Approved by the Documentary Committee of The Approved by Printed by BIMCO’s Idea Japan Shipping Exchange Inc., Tokyo the International Ship Manager’s Association (ISMA)

 

 
  
 It is
mutually agreed between the party stated in Box 2 and the party stated in Box 3 that this Agreement consisting of PART I and PART II as well as Annexes “A” (Details of Vessel), “B” (Details of Crew), “C” (Budget) and
“D” (Associated vessels) attached hereto, shall be performed subject to the conditions contained herein. In the event of a conflict of conditions, the provisions of PART I and Annexes “A”, “B”, “C” and
“D” shall prevail over those of PART II to the extent of such conflict but no further. 
 Signature(s)
(Owners) 
 SRV Joint Gas Ltd 
 /s/ GEIRMUND AASBØ 
 Geirmund Aasbø

 By Power of Attorney 
 SRV Joint Gas Ltf Signature(s) (Managers) 

Höegh LNG Fleet Management AS 
 /s/ STEPHAN TSCUDI-MADSEN 
 Stephan Tscudi-Madsen

 Chairman of the Board 
 This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document. 

 

 
  
 ANNEX
“A” (DETAILS OF VESSEL OR VESSELS) TO THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) STANDARD SHIP MANAGEMENT AGREEMENT – CODE NAME: “SHIPMAN 98” 

Date of Agreement: 
 23 November 2009 
 Name of Vessel(s):

 GDF Suez Neptune 
 Particulars of Vessel(s) 
 Vessel Type: Shuttle and
Regasification Vessel (SRV)/Liquified Natural Gas Tanker 
 Cargo Capacity: 144 988.9 cbm 

LOA: 283.06 m 
 Breadth Moulded: 43.4 m 
 Design Draft: 11.4 m

 Gross Tonnage: about 97,100 mt 
 Summer Deadweight: about 80,600 mt 
 Classification
Society: DNV 
 Cargo Containment: Mark III reinforced membrane tanks 

Engine: Wartsila Industries Diesel Generator Engine (12L50DF *3 + 6L50DF *1) 

IMO Number: 9385673 
 This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document. 

 

 
  
 ANNEX
“B” (DETAILS OF CREW) TO THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) STANDARD SHIP MANAGEMENT AGREEMENT – CODE NAME: “SHIPMAN 98” 
 Date of Agreement: 
 23 November 2009

 Details of Crew: 
 The Vessel will be crewed by a complement of 27 qualified crew under normal trading conditions. The number of officers may vary from time to time but the basis is 13 officers of mixed
nationalities. 
 Numbers Rank Nationality 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form
must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage
or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
  
 ANNEX
“C” (BUDGET) TO THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) STANDARD SHIP MANAGEMENT AGREEMENT – CODE NAME: “SHIPMAN 98” 
 Date of Agreement: 
 23 November 2009

 Manager’s Budget for the first year with effect from the Commencement Date of this Agreement: 

As attached 
 This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO
approved document and this computer generated document. 

 

 
  
 ANNEX
“D” (ASSOCIATED VESSELS) TO THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) STANDARD SHIP MANAGEMENT AGREEMENT – CODE NAME: “SHIPMAN 98” 
 NOTE PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX “D” THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 18.1(i) OF THIS AGREEMENT. 

Date of Agreement: 
 Details of Associated Vessels: 
 This document is a
computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of
the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
  
 PART II
“Shipman 98” Standard Ship Management Agreement 
 1. Definitions 

In this Agreement save where the context otherwise requires, the following words and expressions shall have the meanings
hereby assigned to them. 
 “Owners” means the party identified in Box 2. 

“Managers” means the party identified in Box 3. 

“Vessel” means the vessel or vessels, details of which are set out in Annex “A” attached hereto.

 “Crew” means the Master, and the officers as provided by the Manager to the Vessel at any time and
ratings of the numbers, rank and nationality as per the Manager’s at any time current crewing procedures and manuals.specified in Annex “B” attached hereto. 
 “Crew Support Costs” means all expenses of a general nature which are not particularly referable to any individual vessel for the time being managed by the Managers and which are
incurred by the Managers for the purpose of providing an efficient and economic management service and, without prejudice to the generality of the foregoing, shall include the cost of crew standby pay, training schemes for officers and ratings,
cadet training schemes, sick pay, study pay, recruitment and interviews. 
 “Severance Costs” means the
costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel. 
 “Crew Insurances” means insurances against crew risks which shall include but not be limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss
of personal effects. 
 “Management Services” means the services specified in sub-clauses 3.1 to 3.8 as
indicated affirmatively in Boxes 5 to 12. 
 “ISM Code” means the International Management Code for the
Safe Operation of Ships and for Pollution Prevention as adopted by the International Maritime Organization (IMO) by resolution A.741(18) or any subsequent amendment thereto. 
 “STCW 95” means the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended in 1995 or any subsequent amendment thereto.

 2. Appointment of Managers 
 With effect from the day and year stated in Box 4 and continuing unless and until terminated as provided herein, the Owners hereby appoint the Managers, and the Managers hereby agree to
act as the Managers of the Vessel. 
 3. Basis of Agreement 

Subject to the terms and conditions herein provided, during the period of this Agreement, the Managers shall carry out
Management Services in respect of the Vessel as agents for and on behalf of the Owners. The Managers shall have authority to take such actions as they may from time to time in their absolute discretion consider to be necessary to enable them to
perform this Agreement in accordance with sound ship management practice. 
 3.1 Crew Management 

(only applicable if agreed according to Box 5) 
 The Managers shall provide suitably qualified Crew for the Vessel as required by the Owners in accordance with the STCW 95 requirements, provision of which includes but is not limited to
the following functions: 
 (i) selecting and engaging the Vessel’s Crew, including payroll arrangements,
pension administration, and insurances for the Crew other than those mentioned in Clause 6; 
 (ii) ensuring that
the applicable requirements of the law of the flag of the Vessel are satisfied in respect of manning levels, rank, qualification and certification of the Crew and employment regulations including Crew’s tax, social insurance, discipline and
other requirements; 1 
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34 35 36 37 38 39 40 
 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 

63 (iii) ensuring that all members of the Crew have passed a medical examination with a qualified doctor certifying
that they are fit for the duties for which they are engaged and are in possession of valid medical certificates issued in accordance with appropriate flag State requirements. In the absence of applicable flag State requirements the medical
certificate shall be dated not more than three months prior to the respective Crew members leaving their country of domicile and maintained for the duration of their service on board the Vessel; 

(iv) ensuring that the Crew shall have a command of the English language of a sufficient standard to enable them to
perform their duties safely; 
 (v) arranging transportation of the Crew, including repatriation; 

(vi) training of the Crew and supervising their efficiency; 

(vii) conducting union negotiations; 
 (viii) operating the Managers’ drug and alcohol policy unless otherwise agreed. 
 3.2 Technical Management 
 (only applicable if
agreed according to Box 6) 
 The Managers shall provide technical management which includes, but is not limited
to, the following functions: 
 (i) provision of competent personnel to supervise the maintenance and general
efficiency of the Vessel; 
 (ii) arrangement and supervision of dry dockings, repairs, alterations and the
upkeep of the Vessel to the standards required by the Owners, provided that the Managers shall be entitled to incur the necessary expenditure to ensure that the Vessel will comply with the law of the flag of the Vessel and of the places where she
trades, and all requirements and recommendations of the classification society. 
 (iii) arrangement of the
supply of necessary stores, spares and lubricating oil; 
 (iv) appointment of surveyors and technical
consultants as the Managers may consider from time to time to be necessary; 
 (v) development, implementation
and maintenance of a Safety Management System (SMS) in accordance with the ISM Code (see sub-clauses 4.2 and 5.3). 
 3.3 Commercial Management 
 (only applicable if
agreed according to Box 7) 
 The Managers shall provide the commercial operation of the Vessel, as required by
the Owners, which includes, but is not limited to, the following functions: 
 (i) providing chartering services
in accordance with the Owners’ instructions which include, but are not limited to, seeking and negotiating employment for the Vessel and the conclusion (including the execution thereof) of charter parties or other contracts relating to the
employment of the Vessel. If such a contract exceeds the period stated in Box 13, consent thereto in writing shall first be obtained from the Owners. 
 (ii) arranging of the proper payment to Owners or their nominees of all hire and/or freight revenues or other moneys of whatsoever nature to which Owners may be entitled arising out of the
employment of or otherwise in connection with the Vessel. 
 (iii) providing voyage estimates and accounts and
calculating of hire, freights, demurrage and/or despatch moneys due from or due to the charterers passengers of the Vessel; 
 (iv) issuing of voyage instructions; 
 (v)
appointing agents; 
 (vi) appointing stevedores; 

(vii) arranging surveys associated with the commercial operation of the Vessel. 

3.4 Insurance Arrangements 
 (only applicable if agreed according to Box 8) 

The Managers shall arrange insurances in accordance with 64 

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 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129

 This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion
to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any
loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
  
 PART II
“Shipman 98” Standard Ship Management Agreement 
 Clause 6, on such terms and conditions as the Owners
shall have instructed or agreed, in particular regarding conditions, insured values, deductibles and franchises. 

3.5 Accounting Services 
 (only applicable if agreed according to Box 9) 

The Managers shall: 
 (i) establish an accounting system which meets the requirements of the Owners and provide regular accounting services, supply regular reports and records, 

(ii) maintain the records of all costs and expenditure incurred as well as data necessary or proper for the settlement of
accounts between the parties. 
 3.6 Sale or Purchase of the Vessel 

(only applicable if agreed according to Box 10) 
 The Managers shall, in accordance with the Owners’ instructions, supervise the sale or purchase of the Vessel, including the performance of any sale or purchase agreement, but not
negotiation of the same. 
 3.7 Provisions (only applicable if agreed according to Box 11) 

The Managers shall arrange for the supply of provisions. 

3.8 Bunkering (only applicable if agreed according to Box 12) 

The Managers shall arrange for the provision of bunker fuel of the quality specified by the Owners as required for the
Vessel’s trade. 
 4. Managers’ Obligations 

4.1 The Managers undertake to use their best endeavours to provide the agreed Management Services as agents for and on
behalf of the Owners in accordance with sound ship management practice and to protect and promote the interests of the Owners in all matters relating to the provision of services hereunder. 

Provided, however, that the Managers in the performance of their management responsibilities under this Agreement shall be
entitled to have regard to their overall responsibility in relation to all vessels as may from time to time be entrusted to their management and in particular, but without prejudice to the generality of the foregoing, the Managers shall be entitled
to allocate available supplies, manpower and services in such manner as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and reasonable. 

4.2 Where the Managers are providing Technical Management in accordance with sub-clause 3.2, they shall procure that the
requirements of the law of the flag of the Vessel are satisfied and they shall in particular be deemed to be the “Company” as defined by the ISM Code, assuming the responsibility for the operation of the Vessel and taking over the duties
and responsibilities imposed by the ISM Code when applicable. 
 5. Owners’ Obligations 

5.1 The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this Agreement.

 5.2 Where the Managers are providing Technical Management in accordance with sub-clause 3.2, the Owners shall:

 (i) procure that all officers and ratings supplied by them or on their behalf comply with the requirements of
STCW 95; 
 (ii) instruct such officers and ratings to obey all reasonable orders of the Managers in connection
with the operation of the Managers’ safety management system. 
 5.3 Where the Managers are not providing
Technical Management in accordance with sub-clause 3.2, the Owners shall procure that the requirements of the law of the flag of the Vessel are satisfied and that they, or such other entity as may be appointed by them and identified to the Managers,
shall be deemed to be the “Company” as defined by the ISM Code assuming the responsibility for the operation of the Vessel and taking over the duties and 130 
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 177178 179 180 181 182 183 184 185 186 187 188 189 190 
 191 responsibilities imposed by the ISM Code when applicable. 
 6. Insurance Policies 
 The Owners shall procure,
whether by instructing the Managers under sub-clause 3.4 or otherwise, that throughout the period of this Agreement: 
 6.1 at the Owners’ expense, the Vessel is insured for not less than her sound market value or entered for her full gross tonnage, as the case may be for: 

(i) usual hull and machinery marine risks (including crew negligence) and excess liabilities; 

(ii) protection and indemnity risks (including pollution risks and Crew Insurances); and 

(iii) war risks (including protection and indemnity and crew risks) in accordance with the best practice of prudent owners
of vessels of a similar type to the Vessel, with first class insurance companies, underwriters or associations (“the Owners’ Insurances”); 
 6.2 all premiums and calls on the Owners’ Insurances are paid promptly by their due date, 
 6.3 the Owners’ Insurances name the Managers and, subject to underwriters’ agreement, any third party designated by the Managers as a joint assured, with full cover, with the
Owners obtaining cover in respect of each of the insurances specified in sub-clause 6.1: 
 (i) on terms whereby
the Managers and any such third party are liable in respect of premiums or calls arising in connection with the Owners’ insurance; or 
 (ii) if reasonably obtainable, on terms such that neither the Managers nor any such third party shall be under any liability in respect of premiums or calls arising in connection with the
Owners’ Insurances; or 
 (iii) on such other terms as may be agreed in writing. 

Indicate alternative (i), (ii) or (iii) in Box 14. If Box 14 is left blank then (i) applies. 

6.4 written evidence is provided, to the reasonable satisfaction of the Managers, of their compliance with their
obligations under Clause 6 within a reasonable time of the commencement of the Agreement, and of each renewal date and, if specifically requested, of each payment date of the Owners’ Insurances. 

7. Income Collected and Expenses Paid on Behalf of Owners 

7.1 All moneys collected by the Managers under the terms of this Agreement (other than moneys payable by the Owners to the
Managers) and any interest thereon shall be held to the credit of the Owners in a separate bank account. 
 7.2
All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners (including expenses as provided in Clause 8) may be debited against the Owners in the account referred to under sub-clause 7.1 but shall in any event
remain payable by the Owners to the Managers on demand. 
 8. Management Fee 

8.1 The Owners shall pay to the Managers for their services as Managers under this Agreement an annual management fee as
stated in Box 15 which shall be payable by equal monthly instalments in advance, the first instalment being payable on the commencement of this Agreement (see Clause 2 and Box 4) and subsequent instalments being payable every month. 

8.2 The management fee shall be subject to an annual review on the anniversary date of the Agreement and the proposed fee
shall be presented in the annual budget referred to in sub-clause 9.1. 
 8.3 The Managers shall, at no extra
cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without limiting the generality of Clause 7 the Owners 192 
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This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form
must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage
or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
  
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“Shipman 98” Standard Ship Management Agreement 
 shall reimburse the Managers for postage and
communication expenses, travelling expenses, and other out of pocket expenses properly incurred by the Managers in pursuance of the Management Services. 
 8.4 In the event of the appointment of the Managers being terminated by the Owners or the Managers in accordance with the provisions of Clauses 17 and 18 other than by reason of default by
the Managers, or if the Vessel is lost, sold or otherwise disposed of, the “management fee” payable to the Managers according to the provisions of sub-clause 8.1 shall continue to be payable for a further period of three calendar months as
from the termination date. In addition, provided that the Managers provide Crew for the Vessel in accordance with sub-clause 3.1: 
 (i) the Owners shall continue to pay Crew Support Costs during the said further period of three calendar months and 
 (ii) the Owners shall pay an equitable proportion of any Severance Costs which may materialize, not exceeding the amount stated in Box 16. 

8.5 If the Owners decide to lay-up the Vessel whilst this Agreement remains in force and such lay-up lasts for more than
three months, an appropriate reduction of the management fee for the period exceeding three months until one month before the Vessel is again put into service shall be mutually agreed between the parties. 

8.6 Unless otherwise agreed in writing all discounts and commissions obtained by the Managers in the course of the
management of the Vessel shall be credited to the Owners. 
 9. Budgets and Management of Funds 

9.1 The Managers shall present to the Owners annually a budget for the following twelve monthscalendar year in such form
as the 
 Owners require. The budget for the first year hereof is set out 

in Annex “C” hereto. Subsequent annual budgets shall be 

prepared by the Managers and submitted to the Owners not 

less than three months before commencement of the budget 

yearthe anniversary date of the 
 commencement of this Agreement (see Clause 2 and Box 4). 
 9.2 The Owners shall Indicate to the Managers their acceptance and approval of the annual budget within one month of presentation and in the absence of any such indication the Managers
shall be entitled to assume that the Owners have accepted the proposed budget. 
 9.3 Following the agreement of
the budget, the Managers shall prepare and present to the Owners their estimate of the working capital requirement of the Vessel and the Managers shall each month up-date this estimate. Based thereon, the Managers shall each month request the Owners
in writing for the funds required to run the Vessel for the ensuing month, including the payment of any occasional or extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers or provisions. Such funds
shall be received by the Managers within ten running days after the receipt by the Owners of the Managers’ written request and shall be held to the credit of the Owners in a separate bank account. 

9.4 The Managers produce a comparison between budgeted and actual income and expenditure of the Vessel in such form as
required by the Owners monthly or at such other intervals as mutually agreed. 
 9.5 Notwithstanding anything
contained herein to the contrary, the Managers shall in no circumstances be required to use or commit their own funds to finance the provision of the Management Services. 
 10. Managers’ Right to Sub-Contract 
 The
Managers shall not have the right to sub-contract any of their obligations hereunder, including those mentioned in sub- clause 3.1 without the prior written consent of the Owners which shall not be unreasonably withheld. In the event of such a sub-
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322 contract the Managers shall remain fully liable for the due performance of their obligations under this Agreement

 11. Responsibilities 
 11.1 Force Majeure—Neither the Owners nor the Managers shall be under any liability for any failure to perform any of their obligations hereunder by reason of any cause whatsoever of
any nature or kind beyond their reasonable control. 
 11.2 Liability to Owners—(i) Without prejudice
to sub-clause 11.1. the Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in
connection with detention of or delay to the Vessel) and howsoever arising in the course of performance of the Management Services UNLESS same is proved to have resulted solely from the negligence, gross negligence or wilful default of the Managers
or their employees, or agents or sub-contractors employed by them in connection with the Vessel, in which case (save where loss, damage, delay or expense has resulted from the Managers’ personal act or omission committed with the intent to
cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Managers’ liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten
times the annual management fee payable hereunder. 
 (ii) Notwithstanding anything that may appear to the
contrary in this Agreement, the Managers shall not be liable for any of the actions of the Crew, even if such actions are negligent, grossly negligent or wilful, except only to the extent that they are shown to have resulted from a failure by the
Managers to discharge their obligations under sub-clause 3.1, in which case their liability shall be limited in accordance with the terms of this Clause 11. 
 11.3 Indemnity—Except to the extent and solely for the amount therein set out that the Managers would be liable under sub- clause 11.2, the Owners hereby undertake to keep the
Managers and their employees, agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or suffered
by them arising out of or in connection with the performance of the Agreement, and against and in respect of all costs, losses, damages and expenses (including legal costs and expenses on a full indemnity basis) which the Managers may suffer or
incur (either directly or indirectly) in the course of the performance of this Agreement. 
 11.4
“Himalaya”—It is hereby expressly agreed that no employee or agent of the Managers (including every sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever be under any liability whatsoever to
the Owners for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment and, without prejudice to the
generality of the foregoing provisions in this Clause 11, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to which
the Managers are entitled hereunder shall also be available and shall extend to protect every such employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions of this Clause 11 the Managers are or shall
be deemed to be acting as agent or trustee on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be
deemed to be parties to this Agreement. 
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 This document is a computer
generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the
original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
  
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“Shipman 98” Standard Ship Management Agreement 
 12. Documentation 

Where the Managers are providing Technical Management in accordance with sub-clause 3.2 and/or Crew Management in
accordance with sub-clause 3.1 they shall make available, upon Owners’ request, all documentation and records related to the Safety Management System (SMS) and/or the Crew which the Owners need in order to demonstrate compliance with the ISM
Code and STCW 95 or to defend a claim against a third party. 
 13. General Administration 

13.1 The Managers shall handle and settle all claims arising out of the Management Services hereunder and keep the Owners
informed regarding any incident of which the Managers become aware which gives or may give rise to claims or disputes involving third parties. 
 13.2 The Managers shall, as instructed by the Owners, bring or defend actions, suits or proceedings in connection with matters entrusted to the Managers according to this Agreement.

 13.3 The Managers shall also have power to obtain legal or technical or other outside expert advice in
relation to the handling and settlement of claims and disputes or all other matters affecting the interests of the Owners in respect of the Vessel. 
 13.4 The Owners shall arrange for the provision of any necessary guarantee bond or other security. 
 13.5 Any costs reasonably incurred by the Managers in carrying out their obligations according to Clause 13 shall be reimbursed by the Owners. 

14. Auditing 
 The Managers shall at all times maintain and keep true and correct accounts and shall make the same available for inspection and auditing by the Owners at such times as may be mutually
agreed. On the termination, for whatever reasons, of this Agreement, the Managers shall release to the Owners, if so requested, the originals where possible, or otherwise certified copies, of all such accounts and all documents specifically relating
to the Vessel and her operation. 
 15. Inspection of Vessel 

The Owners shall have the right at any time after giving reasonable notice to the Managers to inspect the Vessel for any
reason they consider necessary. 
 16. Compliance with Laws and Regulations 

The Managers will not do or permit to be done anything which might cause any breach or infringement of the laws and
regulations of the Vessel’s flag, or of the places where she trades. 
 17. Duration of the Agreement

 This Agreement shall come into effect on the day and year stated in Box 4 and shall continue until the date
stated in Box 17. 
 Thereafter it shall continue until terminated by either party giving to the other notice in
writing. In which event the Agreement shall terminate upon the expiration of a period of two months ninety (90) days from the date upon which such notice was given. 
 18. Termination 
 18.1 Owners’ default

 (i) The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if
any moneys payable by the Owners under this Agreement and/or the owners of any associated vessel, details of which are listed in Annex “D”, shall not have been received in the Managers’ nominated account within ten running days of
receipt by the Owners of the Managers written request or if the Vessel is repossessed by the Mortgagees. 
 (ii)
If the Owners: 389 
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413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 (a) fail to meet their obligations under sub-clauses 5.2 and 5.3 of this Agreement for any
reason within their control, or 
 (b) proceed with the employment of or continue to employ the Vessel in the
carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Managers is unduly hazardous or improper, 
 the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to remedy it within a reasonable
time to the satisfaction of the Managers, the Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing. 
 18.2 Managers’ Default 
 If the Managers fail
to meet their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of the Managers, the Owners may give notice to the Managers of the default, requiring them to remedy it as soon as practically possible. In the event
that the Managers fail to remedy it within a reasonable time to the satisfaction of the Owners, the Owners shall be entitled to terminate the Agreement with immediate effect by notice in writing. 

18.3 Extraordinary Termination 
 This Agreement shall be deemed to be terminated in the case of the sale of the Vessel or if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged
total loss or is requisitioned. 
 18.4 For the purpose of sub-clause 18.3 hereof 

(i) the date upon which the Vessel is to be treated as having been sold or otherwise disposed of shall be the date on
which the Owners cease to be registered as Owners of the Vessel; 
 (ii) the Vessel shall not be deemed to be
lost unless either she has become an actual total loss or agreement has been reached with her underwriters in respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is not reached it is adjudged by
a competent tribunal that a constructive loss of the Vessel has occurred. 
 18.5 This Agreement shall terminate
forthwith in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or bankruptcy of either party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver is appointed, or if it
suspends payment, ceases to carry on business or makes any special arrangement or composition with its creditors. 
 18.6 The termination of this Agreement shall be without prejudice to all rights accrued due between the parties prior to the date of termination. 

19. Law and Arbitration 
 19.1 This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration
in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 

The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at
the time when the arbitration proceedings are commenced. 
 The reference shall be to three arbitrators. A party
wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that
it will appoint its arbitrator as sole arbitrator unless the other party 451 
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515 516 517 518 
 This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any
insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 
  
 PART II
“Shipman 98” Standard Ship Management Agreement 
 appoints its own arbitrator and gives notice that it
has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any
further prior notice to the other party, appoint its arbitrator as sole arbitrator and shell advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement. 

Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a
sole arbitrator. 
 In cases where nether the claim nor any counterclaim exceeds the sum of USD50,000 (or such
other sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced. 

19.2 This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the
Maritime Law of the United States and any dispute arising out of or in connection with this Agreement shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their
decision or that of any two of them shall be final, and for the purposes of enforcing any award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the
Society of Maritime. 519 
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541 542 543 544 545 
 546 Arbitrators, Inc. 

In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may
agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced. 

19.3 This Agreement shall be governed by and construed in accordance with the laws of the place mutually agreed by the
parties and any dispute arising out of or in connection with this Agreement shall be referred in arbitration at a mutually agreed place, subject to the procedures applicable there. 

19.4 If Box 18 in Part I is not appropriately filed in, sub- clause 19.1 of this Clause shall apply. 

Note: 19.1, 19.2 and 19.3 are alternatives: indicate alternative agreed in Box 18. 

20. Notices 
 20.1 Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex, registered or recorded mail or by personal service followed by a copy by
e-mail. 
 20.2 The address of the Parties for service of such communication shall be as stated in Boxes 19 and
20, respectively. 547 
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570 
 This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility
for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

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