ABSTRACT
Authorised signatory of ..............................................................................................................................
GUIDANCE NOTES ON THE COMPLETION OF Article 14 SPECIAL COMPENSATION GUARANTEE ISU 4
N.B. The wording of this undertaking was agreed with the International Group of P&I Clubs for use in Article 14 special compensation cases in accordance with the term of ‘‘Understanding between the International Group of P&I Clubs and the ISU’’
1. The guarantee should be addressed to the contractors named in the LOF
2. Paragraph 1:
(a) Insert name of vessel (b) Insert the date of the LOF (c) The guarantee is designed for a single guarantor. If there are two guarantors amend the 5th line
to read ‘‘............ we hereby jointly and severally undertake to pay you ..................’’ 3. Paragraph 2:
(a) Insert the appropriate rate of interest. (b) At end of this paragraph insert the name of the company or firm, or the bank and account no.
