Principles of marine insurance. Section 1 of the U:K. Marine Insurance Act 1906 states:
Panama Canal tonnage. This is tonnage measured according to rules published by the United States Government from 1912 under authority delegated by the Panama Canal Company. The main purpose of the special measurement system is to establish criteria, which determine the owner’s liability to pay fees for Panama Canal transits.
Present position. The line in the charterparty stating the vessel's present position (and possibly the "Expected ready to load" date) is of importance to the charterer in order that he can assess the vessel's future readiness to receive the cargo. Accordingly, he will be able to make the necessary arrangements for handling the cargo.