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@article{ART002013971},
author={Dae Chung},
title={A Study on Legal Nature of BBCHP under Legal Structure of Ship Finance},
journal={Journal of International Business Transactions Law},
issn={2982-5903},
year={2015},
number={13},
pages={101-132}

TY - JOUR
AU - Dae Chung
TI - A Study on Legal Nature of BBCHP under Legal Structure of Ship Finance
JO - Journal of International Business Transactions Law
PY - 2015
VL - null
IS - 13
PB - The Institute for Legal Studies Dong-A University
SP - 101
EP - 132
SN - 2982-5903
AB - Ship finance or shipping finance is closely related to shipping industry, shipbuilding industry and banking industry. A ship is the most important asset in a shipping company. Therefore, the executives of shipping company should make a prudent decision in respect of shipbuilding because shipbuilding is long-term and price of ship is very expensive. Ship finance has an international character and is closely related to various and complex contracts. Legal structure of ship finance, therefore, includes a shipbuilding contract, a contract for carriage by sea, a marine insurance contract and a loan agreement. As a kind of a contract for carriage by sea, a bareboat charter hire purchase (BBCHP) plays an important role in ship finance. BBCHP is made under the BIMCO BARECON 2001 according to a principle of a freedom of contracts. In respect of BBCHP, there are two main legal issues. First of all, there are a lot of legal arguments over the legal nature of BBCHP. Even though BBCHP may be considered as financial lease, the essence of BBCHP is sales contract on the long-term installment. In addition, the Korea Supreme Court has consistently held that BBCHP is sales contract on the long-term installment. Secondly, there are many legal theories over BBCHP under the Debtor Rehabilitation and Bankruptcy Act in Korea. Under the rehabilitation proceedings, BBCHP should be viewed as a bilateral contract that is not fulfilled by both parties even though shipowner's legal status may be considered as a security right holder.
KW - ship finance;shipbuilding contract;contract for carriage by sea;loan agreement;bareboat charter;BBCHP;financial lease;rehabilitation proceedings;sales contract on the long-term installment
DO -
UR -
ER -

Dae Chung. (2015). A Study on Legal Nature of BBCHP under Legal Structure of Ship Finance. Journal of International Business Transactions Law, 13, 101-132.

Dae Chung. 2015, "A Study on Legal Nature of BBCHP under Legal Structure of Ship Finance", Journal of International Business Transactions Law, no.13, pp.101-132.

Dae Chung "A Study on Legal Nature of BBCHP under Legal Structure of Ship Finance" Journal of International Business Transactions Law 13 pp.101-132 (2015) : 101.

Dae Chung. A Study on Legal Nature of BBCHP under Legal Structure of Ship Finance. 2015; 13 : 101-132.

Dae Chung. "A Study on Legal Nature of BBCHP under Legal Structure of Ship Finance" Journal of International Business Transactions Law no.13(2015) : 101-132.

Dae Chung. A Study on Legal Nature of BBCHP under Legal Structure of Ship Finance. Journal of International Business Transactions Law, 13, 101-132.

Dae Chung. A Study on Legal Nature of BBCHP under Legal Structure of Ship Finance. Journal of International Business Transactions Law. 2015; 13 101-132.

Dae Chung. A Study on Legal Nature of BBCHP under Legal Structure of Ship Finance. 2015; 13 : 101-132.

Dae Chung. "A Study on Legal Nature of BBCHP under Legal Structure of Ship Finance" Journal of International Business Transactions Law no.13(2015) : 101-132.