Paramount clause. (Also termed Clause Paramount.) This clause is generally found in a bill of lading but can also be found in a charterparty.

Peage dues. These dues were payable by shipowners in North African ports when loading full cargoes of phosphate in bulk. The port authorities would, charge peage dues in order to defray the expenses for upkeep and improvement of the port and its installations.

 

Port of refuge. A port of refuge is a port at which general average repairs and expenses are incurred and are not restricted to a port to which a ship may call for stress of weather.

Per hatch per day. This expression may be used to calculate laytime with reference to the number of cargo hatches serving cargo compartments on the vessel.

Proximate cause. This may not be a “principle” of marine insurance but section 55 (1) of the U.K. Marine Insurance Act 1906 elevates it to a condition which must be fulfilled before the underwriter becomes liable to pay a claim.

Pro rata freight. Without express or implied agreement, full freight is payable only on delivery of the cargo. If the ship and/or the cargo is lost freight does not become payable. However, a clause in a charterparty may provide for part (or all) of the freight to be prepaid. This is one use of the phrase "prorata freight".

Pumping clause. In a tanker charterparty the description of the vessel will contain a clause specifying the capability of the vessel to pump the cargo for which the vessel is chartered.

Port formalities and laytime. When a ship "arrives" at the contractual destination before it can be actually ready and before the Notice of Readiness is given and accepted, thus triggering the commencement of the laytime, it must be physically and legally ready. One aspect of legal readiness is related to compliance with all port formalities.

Professional shipbroking ethics. BIMCO publishes "Recommended Principles for the Use of Parties Engaged in Chartering and Ship's Agency Procedures" and the Baltic Exchange also publishes a "Code of Ethics".

P.P.I. clause. Contracts of marine insurance, which contain certain words that indicate that the parties dispense with all proof of interest, are still used despite being void and unenforceable.

Port charter. A voyage charter is a contract to carry goods from a loading port or a range of ports to an agreed destination.

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