Subject: Inter-Club New York Produce Exchange Agreement September 2011 Amendments

Transcription

1 Subject: Inter-Club New York Produce Exchange Agreement September 2011 Amendments Circular to Assureds (no ) Introduction Last week the International Group (the IG ) published a Circular to their members announcing a new set of amendments to the long established and widely accepted 1996 version of the Inter Club Agreement ( ICA ). The amendments have apparently been introduced to deal with repeated issues which have arisen in respect of the right to seek counter security, the time at which such security should be provided in accordance with the current version of the ICA and to avoid the costs involved in resolving disputes concerning these issues. The new 2011 form Agreement seeks to resolve any issue over there being no right to security until a right to indemnity has arisen, by permitting a party who has put up security direct to cargo interests immediately to demand security from its charterparty counterpart. This is provided it is done on the basis of reciprocity, that is, that acceptable security is also exchanged with that party, and subject to the claim falling within the definition of Cargo Claim under clause 3 of the ICA and the time limits set out in clause 6 of the ICA being complied with. Background Paraphrasing the IG s Circular, The Inter-Club New York Produce Exchange Agreement, which was first formulated and entered into by Clubs in 1970, provides a relatively simple mechanism whereby liability for cargo claims arising under the New York Produce Exchange Form (NYPE) or Asbatime charterparties and/or contracts of carriage authorised under such charterparties, can be swiftly and fairly apportioned between Owners and Charterers. The purpose behind the development of the ICA was to avoid costly and protracted litigation. The ICA, since its inception, has been amended on two occasions. Firstly in 1984 to meet one particular shortcoming relating to the time limit for making claims. Secondly in 1996, which whilst not deviating from the fundamental nature of the ICA, was a more substantial amendment introduced in particular to meet the needs of the container trade. It took the form of re-arranging the text in a more logical way and: (a) broadened the definition of what constituted a Cargo Claim under the ICA; Page 1 of 5 Circular 008/2011

2 (b) (c) included claims arising under through or combined transport bills of lading in certain defined circumstances; amended the time bar provision to cater for the possibility that the Hamburg Rules might apply to a Cargo Claim. Following the 1996 amendment, the ICA was renamed the Inter-Club New York Produce Exchange Agreement 1996 (the 1996 Agreement). Both the ICA and the 1996 Agreement have worked well, been widely adopted by the maritime industry and have achieved their purpose. The 2011 Agreement Notwithstanding the above there have been a number of disputes concerning the right to seek counter security which has inevitably resulted in time and costs being incurred due to the legal uncertainty concerning whether a security right only arises once an actual settlement has established liability and a right of apportionment. The IG felt that a greater degree of co-operation between Clubs (in the spirit of the 1996 Agreement), could substantially reduce such costs and time. Clause (4) (c) of the 1996 Agreement provides: (4) Apportionment under this Agreement shall only be applied to Cargo Claims where.. (c) the claim has been properly settled or compromised and paid. The IG has taken the view, which Counsel has seemingly confirmed, that this provision makes payment of a Cargo Claim (as defined under clause (3) of the 1996 Agreement) a condition precedent to a right to indemnity. Accordingly, in the absence of payment, no accrued cause of action crystallises and there is therefore no right, prior to payment, for the party sued in respect of a Cargo Claim to require that the other party to the charterparty, provide security (which could be sought, by for example, arresting or threatening to arrest a vessel or other property). The IG has therefore taken a decision to incorporate a new provision (the new clause 9) into the 1996 Agreement, which creates an entitlement to security on the basis of reciprocity, once one of the parties to a charterparty has put up security in respect of a Cargo Claim, provided that the time limits set out in clause 6 of the 1996 Agreement have been complied with. The amended 1996 Agreement, which has been named the Inter-Club New York Produce Exchange Agreement 1996 (as amended September 2011) (the 2011 Agreement) is attached in track change and non-track change versions. The track changes record the amendments that have been made to the 1996 Agreement. As will be seen it has also been necessary to make a number of additional consequential but not substantive amendments to the 1996 Agreement. The 2011 Agreement will take effect from 1 st September Contractually the 2011 Agreement: Page 2 of 5 Circular 008/2011

3 (a) will not, subject to (c) below, apply to charterparties entered into prior to 1/9/11 or to claims arising under such charterparties whether such claims arise before or after 1/9/11; (b) will apply to charterparties entered into on or after 1/9/11 and to claims arising under such charterparties if the 2011 Agreement is incorporated into such charterparties either by way of: (i) a specific reference to the ICA 1996 (as amended September 2011) ; or (ii) if the charterparty contains a reference to the ICA 1996 or any amendments thereto or similar wording. (c) can be incorporated into charterparties entered into before 1/9/11 and to claims arising under such charterparties if the parties to such charterparties agree that it should e.g. by way of an addendum to the charterparty. Notwithstanding the contractual application of the 2011 Agreement, as set out above the IG Clubs have recommended their members apply the 2011 Agreement to all NYPE / Asbatime charterparties and claims arising under such charterparties whenever entered into, and whether or not they incorporate the 1996 Agreement, or the 2011 Agreement. Further that their members specifically incorporate the 2011 Agreement into NYPE and Asbatime charterparties entered into on or after 1/9/11. The Charterers Club view The 2011 Agreement will be of much greater benefit to Owners than Charterers as in the majority of cases it will be the head owner, not the Charterer, who will be forced to put up security to cargo interests in the first instance. This is simply because their asset, the ship, is readily (and easily) available to claimants to obtain security in multiple jurisdictions. The 2011 Agreement will potentially encourage Owners immediately to grant such security, minimising delay to the vessel, in the knowledge that they will be entitled to immediate counter security under new clause 9, or otherwise take aggressive steps against Charterers assets based upon their breach in failing to comply with the provisions of the new clause 9. Charterers should therefore think carefully before agreeing to any change in their existing charterparties and to agreeing to the incorporation of the 2011 Agreement. By agreeing such a change/adopting the new 2011 Agreement, Charterers will be exposing themselves to the need to post immediate countersecurity and giving up an argument that such a right to security does not arise until the underlying cargo claim has crystallised. Page 3 of 5 Circular 008/2011

4 Conclusion Club Cover The 2011 Agreement is not favourable to charterers and should ideally contain some checks and balances that afford better protection to charterers whilst still achieving the streamlined process that the IG Clubs are seeking. By way of example we think that charterers should be protected from owners simply providing a grossly over-inflated level of security in order to obtain the prompt release of the vessel relying on the safety net of attempting to demand a reciprocal counter-guarantee from the charterer. We also have concerns that some owners might try to interpret the 2011 Agreement as entitling them to obtain counter security in respect of a claim which is clearly not the charterers responsibility under the Inter Club Agreement, for example, un-seaworthiness. We don t believe this to be the intent and we would robustly defend any such attempt by an owner; however to avoid the potential for disputes we would prefer clarity on points such as these. We appreciate the desire of the International Group to streamline process and to reduce the attendant delays and costs and to that extent we are broadly supportive of what they are trying to achieve. We are sure that many of the charterers entered with the owners clubs will have views on this matter. For our part we would like to make more enquiries prior to giving our further views. In the interim our recommendation is that Assureds should: Resist any attempt to retrospectively change charterparties currently in force; On extension of any existing charterparties stipulate that it is the 1996 agreement that is to apply and NOT the 2011 agreement see our suggested clause below: On fixing new tonnage make it clear that it is the 1996 agreement that is to apply see our suggested clause below. Suggested Charterparty Clause: Cargo claims under this charterparty to be settled between Owners and Charterers solely in accordance with the Inter-Club New York Produce Exchange Agreement (1996) excluding any later or subsequent amendment. Assured that are re-letting the ship on a back to back basis can agree to the 2011 Agreement providing that this is back to back in both charterparties. Assureds may accept the incorporation of the 2011 Agreement providing that they can demonstrate that they took all reasonable steps to avoid its incorporation. We are minded to support the 2011 agreement; but do not feel that we are in a position to do so at this stage and we will report back further when we have finished our enquiries. On a final note we would remind Assureds that as a matter of general principle P&I Underwriters, including the Charterers P&I Club and those that are members of the IG, are not obliged to provide security and that any requests for the provision of security will always be assessed on an ad hoc basis taking account of a range of different factors. Page 4 of 5 Circular 008/2011

5 Assureds requiring more information on the above should approach their usual contact at the claims department. Michael Else and Company Limited, as Managers Dated London 5 September 2011 E&O.E Page 5 of 5 Circular 008/2011

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9 »»½ ±º Ý ¹± Ý ³ º ±³» ±» ±» ½» ô»¹ ¼» ±º»» ¹ ± ± ±²³»² ¾»»»²»» ±» ½»»² «²¼» ß¹»»³»² ±ª ¼»¼ æ ø»² ²± º ½ ±² ±º» Ý ¹± Ý ³ ¾»»² ¹ ª»² ¾» ¼»³ ²¼ ²¹»½«±» ±» ±» ½» ²»»»ª ²» ±¼»½ º»¼ ² ½ øê å ²¼ ø¾» ¼»³ ²¼ ²¹ «½»½½ ±½» ¾ ±ª ¼ ²¹ ½½» ¾»»½«º± ²» «ª»² ³±«² ±» ±» ±» ½» ²»»½ ±º» Ý ¹± Ý ³ º» »¼ ± ¼± ±ò Ù±ª» ² ²¹ Ô øïð ç Ì ß¹»»³»² ¾» «¾»½ ± Û²¹ Ô ²¼»» ½ «ª» Ö«¼ ½ ±² ±º» Û²¹ ݱ«ô «²» ²½± ±»¼ ² ±» ½» ø±»»»³»² ±º ½ ³ ½ ³ ²»»½ ±º ½ ¹± «²¼»» ½» ³ ¼» «¾»½ ± ß¹»»³»² ô ² ½ ½» ¾» «¾»½ ±» ²¼ «¼ ½ ±² ±ª ±² ¹±ª» ² ²¹» ½» ò ß³» ½ ² Í» ³ Ñ ²» Ó««Ð ±»½ ±² ú ²¼»³² ß ±½ ±²ô ²½ò ß «²½»º±»² ²¹»² Ù ¼ Ù ¼ Ðú øþ» ³«¼ Ô ¼ ß «²½»º±»² ²¹»² ͵«¼ Ì» Þ ²² Í» ³ Í ² «²½» ß ±½ ±² Ô ¼ò Ì» Ö ² Í Ñ ²» ù Ó««Ð ±»½ ±² ²¼ ²¼»³² ß ±½ ±² Ô ª» ±± ²¼ Ô±²¼±² Í» ³ Ð ±»½ ±² ²¼ ²¼»³² ß ±½ ±² Ô ¼ò Ì» Ô±²¼±² Í» ³óÍ Ñ ²» ù Ó««² «²½» ß ±½ ±² Ô ¼ò Ò» ½» Ð ±»½ ±² ²¼ ²¼»³² ß ±½ ±² Ì» Ò± ±º Û²¹ ²¼ Ð ±»½ ²¹ ²¼ ²¼»³² ß ±½ ±² Ô ¼ò Ì» Í ± ²» ù Ó««Ð ±»½ ±² ²¼ ²¼»³² ß ±½ ±² øô³¾±«¹ ͵«¼ Ó««Ð ±»½ ±² ²¼ ²¼»³² ß ±½ ±² øþ» ³«¼ Ô ¼ò Ì» Í ²¼ ¼ Í» ³ Ñ ²» ù Ð ±»½ ±² ú ²¼»³² ß ±½ ±² Ô ¼ò Ì» Í ²¼ ¼ Í» ³ Ñ ²» ù Ð ±»½ ±² ú ²¼»³² ß ±½ ±² øþ» ³«¼ Ô ¼ò Ì» Í» ³ Ó««Ë²¼» ²¹ ß ±½ ±² Ô ¼ Ì» Í» ³ Ó««Ë²¼» ²¹ ß ±½ ±² øþ» ³«¼ Ô ¼ò ͪ» ¹» ß²¹º ¹ ß «² Ú±»² ²¹ øì» Í»¼ Ý «¾ Ì» ˲»¼ Õ ²¹¼±³ Ó««ý Í» ³ Í ß «²½» ß ±½ ±² øþ» ³«¼ Ô ¼ò ˲»¼ Õ ²¹¼±³ Ó««Í» ³ Í ß «²½» ß ±½ ±² øû«±» Ô ¼ Ì» É» ±º Û²¹ ²¼ Í Ñ ²» Ó««² «²½» ß ±½ ±² øô³¾±«¹

10 Ì ß¹»»³»² ô» ²» óý «¾ Ò» DZ µ Ð ±¼«½» Û ½ ²¹» ß¹»»³»² ïççê ø ³»²¼»¼ Í»»³¾» îðïï ø» ß¹»»³»² ô ³ ¼» ±² ï Í»»³¾» îðïï ¾»»»²» Ðú Ý «¾ ¾» ²¹ ³»³¾» ±º Ì» ²» ² ±² Ù ±«±º Ðú ß ±½ ±²»¼ ¾» ± ø»» º»»º»»¼ ± þ» Ý «¾ þ ³»²¼» ²» óý «¾ Ò» DZ µ Ð ±¼«½» Û ½ ²¹» ß¹»»³»² ïççê ²»»½ ±º ½»»»½ º»¼ ² ½ øï»»±º ²¼ ½±² ² ² º± ½» «² ª»¼ ±» ³ ²»¼ò ß² ª ±² ± ¾»»ºº»½ ª» ³«¾» ±ª»¼ ² ²¹ ¾» Ý «¾ ¾«±»² ± ² Ý «¾ ± ¼ º ±³» ß¹»»³»² ±² ¹ ª ²¹ ±» ±» Ý «¾ ²±» ²»» ³±² ù»² ²± ½»»»±ºô «½ ¼ ± µ»»ºº»½»» ±² ±º» ±¼ò ߺ»»» ±º «½ ²± ½»» ß¹»»³»² ²»ª»»» ½±² ² ¾»»»²» Ý «¾ ô ±» ²» Ý «¾ ¹ ª ²¹ «½ ²± ½» ±»³ ² ¾±«²¼ ¾ ²¼ ¾»»²»¼ ±» ¾»²»º ±º ß¹»»³»² ²»»½ ±º Ý ¹± Ý ³ ²¹ ±«±º ½»» ½±³³»²½»¼ ± ±»» ±² ±º «½ ²± ½»ò Ì» Ý «¾»½±³³»²¼ ±» Ó»³¾» ±««º ½ ±²» Ó»³¾» ¼± ß¹»»³»² º±» «±» ±º ± ±² ²¹ ¾ º± ½ ³ ²»»½ ±º ½ ¹± ½» «²¼» ô ±«±º ± ² ½±²²»½ ±² ½»» ±²» Ò» DZ µ Ð ±¼«½» Û ½ ²¹» Ú± ³ ïçìê ± ïççí ± ß ¾ ³» Ú± ³ ïçèï ø± ² «¾» ² ³»²¼³»² ±º «½ Ú± ³ ô»» ± ²± ß¹»»³»² ¾»»² ²½± ±»¼ ² ± «½ ½»» ò ͽ±» ±º ½ ±² øï Ì ß¹»»³»²» ± ² ½» ½»²»»¼ ² ± º»» ¼»»»±º ±²» Ò» DZ µ Ð ±¼«½» Û ½ ²¹» Ú± ³ ïçìê ± ïççí ± ß ¾ ³» Ú± ³ ïçèï ø± ² «¾» ² ³»²¼³»² ±º «½ Ú± ³ ò øî øí Ì»» ³ ±º ß¹»»³»² ²± ²¼ ²¹ ² ²¹ ±» ½±² ² ² ±» ±ª ±² ±º» ½» å ² ½ ±ª ±² ±º ½ øê ø ³» ¾ ²± ²¼ ²¹ ² ±ª ±² ±º» ½» ± ±º ±» ½±² ò Ú±» «±» ±º ß¹»»³»² ô Ý ¹± Ý ³ø ³» ² ½ ³ º± ± ô ¼ ³ ¹»ô ± ¹» ø ²½ «¼ ²¹ ½µ ¹»ô «¹» ± º» ¹» ô ±ª» ½ ¹» ±º ± ¼» ± ½ ¹± ²½ «¼ ²¹ ½«±³ ¼ ± º ²» ²»»½ ±º «½ ± ô ¼ ³ ¹»ô ± ¹»ô ±ª» ½ ¹» ± ¼» ²¼ ²½ «¼»æ ø ø¾ ²»¹ ½± ½ ³»¼ ¾» ± ¹ ²» ±² ³ µ ²¹ ² «½ ½ ³å ² ²»» ½ ³»¼ ¾» ± ¹ ²» ±² ³ µ ²¹ ² «½ ½ ³å ø½»¹ ô Ý «¾ ½±» ±²¼»² ù ²¼»» ù ½±» ±² ¾ ²½¼ ²» ¼»º»²½» ±º ± ²»»»³»² ±º» ½ ³ ³ ¼» ¾» ± ¹ ²» ±²ô ¾«²± ²½ «¼» ² ½± ±º ±»ª» ² ²½¼ ² ³ µ ²¹ ½ ³ «²¼» ß¹»»³»² ± ²»»µ ²¹ ² ²¼»³² «²¼»» ½» ò

11 øì ß ± ±²³»² «²¼» ß¹»»³»² ±² ¾»»¼ ± Ý ¹± Ý ³»»æ ø» ½ ³ ³ ¼» «²¼» ½±² ½ ±º ½ ¹»ô»ª» º± ³ô ø ½ «±»¼ «²¼»» ½» å ± ø ½ ±«¼ ª» ¾»»² «±»¼ «²¼»» ½» ¾«º±» ²½ «±² ² ½±² ½ ±º ½ ¹» ±º Ì ±«¹ Ì ² ± ± ݱ³¾ ²»¼ Ì ² ± ±ª ±² ô ±ª ¼»¼ ø ø ª ²» ½» ±º ½±² ½ ±º ½ ¹» ½±² ² ²¹ Ì ±«¹ Ì ² ± ± ݱ³¾ ²»¼ Ì ² ± ±ª ±² ø»» º ²¹ ² ø ± ø ¾±ª»» ± ô ¼ ³ ¹»ô ± ¹»ô ±ª» ½ ¹» ± ¼» ±½½¼ º» ½±³³»²½»³»² ±º» ± ¼ ²¹ ±º» ½ ¹± ±² ±» ½»»¼ ª»» ²¼ ± ± ½±³» ±² ±º ¼ ½ ¹» º ±³ ª»» ø» ¾«¼»² ±º ±±º ¾» ²¹ ±²» Ý»» ±» ¾» ± ô ¼ ³ ¹»ô ± ¹»ô ±ª» ½ ¹» ± ¼» ¼ ¼ ± ¼ ¼ ²± ± ±½½«å ²¼» ½±² ½ ±º ½ ¹» ø± ±º» ² ½±³»¼ ½ ¹» ±²» ½»»¼ ª»» ²½± ±»¼» ³ ²±» º ª±«¾» ±» ½» ²» Ø ¹ ± Ø ¹ Ê ¾ Î ô ± ô»² ½±³ «± ½ ¾» ¾ ±» ±² ±º ±» ½±² ½ ±º ½ ¹»ô» Ø ³¾«¹ Î ± ² ² ±² ¹ ª ²¹»ºº»½»» ±å ²¼ ø¾» ½ ¹±» ±² ¾ ½ ²» ½» ª» ²± ¾»»² ³» ³»²¼»¼ò ß ³» ³»²¼³»² ±²» ½ ³ µ»» ¾ ô ¾»»»² Ñ ²» ²¼ Ý»» ô º± Ý ¹± Ý ³ ½» ò ² ½«ô ¹»»¼ ±» º±» «±» ±º ß¹»»³»² æ ø» ¼¼ ±² ±º» ± ¼ þ ²¼» ±² ¾ þ ² ½ è ±º» Ò» DZ µ Ð ±¼«½» Û ½ ²¹» Ú± ³ ïçìê ± ïççí ± ½ è ±º» ß ¾ ³» Ú± ³ ïçèïô ± ² ³ ³»²¼³»² ±º» ½» ³ µ ²¹» Ó»» ±² ¾» º± ½ ¹± ²¼ ²¹ô ²± ³» ³»²¼³»² å ²¼ ø º» ± ¼ þ½ ¹± ½ ³ þ» ¼¼»¼ ±»»½±²¼»²»²½» ±º ½ îê ±º» Ò» DZ µ Ð ±¼«½» Û ½ ²¹» Ú± ³ ïçìê ± ïççí ± ½ îë ±º» ß ¾ ³» Ú± ³ ïçèïô ± ±²³»² «²¼» ß¹»»³»² ²± ¾»»¼ «²¼» ² ½ ½«³ ²½»»ª»² º» ½» ³ ¼» «¾»½ ±»» ³ ±º ß¹»»³»² å ²¼ ø½» ½ ³ ¾»»² ±»»»¼ ± ½±³ ±³»¼ ²¼ ¼ò øë Ì ß¹»»³»²»»¹ ¼» ±º»¹ º± «³ ± ½» ±º ¾ ±²»½ º»¼ ²» ½» ²¼»¹ ¼» ±º ² ²½± ± ±² ±º» Ø ¹ô Ø ¹ Ê ¾ Î ± Ø ³¾«¹ λ» ²ò Ì ³» Þ øê λ½±ª» «²¼» ß¹»»³»² ¾ ² Ñ ²» ± Ý»» ¾» ¼»»³»¼ ± ¾» ª»¼ ²¼ ¾ ± ¾»¼ «²»»² ²± º ½ ±² ±º» Ý ¹± Ý ³ ¾»»² ¹ ª»² ±» ±» ±» ½» ² îì ³±² ±º» ¼» ±º ¼» ª» ±º» ½ ¹± ±» ¼»» ½ ¹± ±«¼ ª» ¾»»² ¼» ª»»¼ô ª» ô»»» Ø ³¾«¹ Î ± ² ² ±²»¹ ±² ¹ ª ²¹»ºº»½»» ±» ½±³ «± ½ ¾» ¾ ±» ±² ±º ±» ½±² ½ ±º ½ ¹» ± ± ±º» ² ½±³»¼ ½ ¹» ±²» ½»»¼ ª»» ô»» ±¼ ¾» íê ³±² ò Í«½ ²± º ½ ±² º ± ¾» ²½ «¼» ¼» ±º» ½±² ½ ±º ½ ¹»ô» ² ±º» ½ ³ ²¼» ³±«² ½ ³»¼ò

12 Ì» ± ±²³»² øé Ì» ³±«² ±º ² Ý ¹± Ý ³ ± ¾» ± ±²»¼ «²¼» ß¹»»³»² ¾»» ³±«² ² º ½ ¾± ²» ¾» ±» ½»»»µ ²¹ ± ±²³»² ô»¹ ¼» ±º»» ½ ³ ³ ¾» ± ¾»»² ± ±²»¼ ¾ ½ ±² ±º ß¹»»³»² ± ²±» ½» ò øè Ý ¹± Ý ³ ¾» ± ±²»¼ º± ± æ ø Ý ³ ² º ½ ²¹ ±«±º «²» ± ²» ²¼ñ±» ± ± º «² ² ª ¹ ±² ± ³ ² ¹»³»² ±º» ª»» æ ïððû Ñ ²» ª»»»» Ñ ²» ±ª»» «²» ± ²» ½ ¼ ¾» ± ¼ ²¹ô ± ¹»ô ²¹ô ¼ ½ ¹» ± ±» ²¼ ²¹ ±º» ½ ¹±ô ² ½ ½»» ½ ³ ¾» ± ±²»¼ «²¼» «¾ó½ ø¾ ò ø¾ Ý ³ ² º ½ ²¹ ±«±º» ± ¼ ²¹ô ± ¹»ô ²¹ô ¼ ½ ¹»ô ± ¹» ± ±» ²¼ ²¹ ±º ½ ¹±æ ïððû Ý»» «²»» ± ¼ þ ²¼» ±² ¾ þ» ¼¼»¼ ² ½ è ±»» ³ ³»²¼³»² ³ µ ²¹» Ó»» ±² ¾» º± ½ ¹± ²¼ ²¹ ² ½ ½»æ ëðû Ý»» ëðû Ñ ²» ª»»»» Ý»» ±ª»» º ±» ± ± ¼ô ± ô ô ¼ ½ ¹» ± ²¼»» ½ ¹± ½ ¼ ¾» «²» ± ²» ±º» ª»» ² ½ ½»æ ïððû Ñ ²» ø½ Í«¾»½ ± ø ²¼ ø¾ ¾±ª»ô ½ ³ º± ± ¹» ± ±ª» ½ ¹»æ ëðû Ý»» ëðû Ñ ²» «²»»» ½» ²¼»º«¾»»ª ¼»²½»» ½ ³ ±» ±«±º º» ¹» ± ½ ± ²»¹»½ ¾ ±²» ±» ±» ø ²½ «¼ ²¹»» ª ² ± «¾ó½±² ½ ± ² ½ ½»»² ¾» ïððû ±º» ½ ³ò ø¼ ß ±» ½ ¹± ½ ³ ±»ª» ø ²½ «¼ ²¹ ½ ³ º± ¼» ± ½ ¹± æ ëðû Ý»» ëðû Ñ ²» «²»»» ½» ²¼»º«¾»»ª ¼»²½»» ½ ³ ±» ±«±º» ½ ± ²»¹»½ ±º» ±²» ±» ±» ø ²½ «¼ ²¹»» ª ² ± «¾ó½±² ½ ± ² ½ ½»»² ¾» ïððû ±º» ½ ³ò Í»½«øç º ±» ½» ±ª ¼»»½«±» ±² ³ µ ²¹ Ý ¹± Ý ³ô ¾»»²»¼ «±² ¼»³ ²¼ ± ½½» ¾»»½«º± ²» «ª»² ³±«² ²

13 »»½ ±º Ý ¹± Ý ³ º ±³» ±» ±» ½» ô»¹ ¼» ±º»» ¹ ± ± ±²³»² ¾»»»²»» ±» ½»»² «²¼» ß¹»»³»² ±ª ¼»¼ æ ø»² ²± º ½ ±² ±º» Ý ¹± Ý ³ ¾»»² ¹ ª»² ¾» ¼»³ ²¼ ²¹»½«±» ±» ±» ½» ²»»»ª ²» ±¼»½ º»¼ ² ½ øê å ²¼ ø¾» ¼»³ ²¼ ²¹ «½»½½ ±½» ¾ ±ª ¼ ²¹ ½½» ¾»»½«º± ²» «ª»² ³±«² ±» ±» ±» ½» ²»»½ ±º» Ý ¹± Ý ³ º» »¼ ± ¼± ±ò Ù±ª» ² ²¹ Ô øïð Ì ß¹»»³»² ¾» «¾»½ ± Û²¹ Ô ²¼»» ½ «ª» Ö«¼ ½ ±² ±º» Û²¹ ݱ«ô «²» ²½± ±»¼ ² ±» ½» ø±»»»³»² ±º ½ ³ ²»»½ ±º ½ ¹± «²¼»» ½» ³ ¼» «¾»½ ± ß¹»»³»² ô ² ½ ½» ¾» «¾»½ ±» ²¼ «¼ ½ ±² ±ª ±² ¹±ª» ² ²¹» ½» ò ß³» ½ ² Í» ³ Ñ ²» Ó««Ð ±»½ ±² ú ²¼»³² ß ±½ ±²ô ²½ò ß «²½»º±»² ²¹»² Ù ¼ Ù ¼ Ðú øþ» ³«¼ Ô ¼ ß «²½»º±»² ²¹»² ͵«¼ Ì» Þ ²² Í» ³ Í ² «²½» ß ±½ ±² Ô ¼ò Ì» Ö ² Í Ñ ²» ù Ó««Ð ±»½ ±² ²¼ ²¼»³² ß ±½ ±² Ì» Ô±²¼±² Í» ³óÍ Ñ ²» ù Ó««² «²½» ß ±½ ±² Ô ¼ò Ì» Ò± ±º Û²¹ ²¼ Ð ±»½ ²¹ ²¼ ²¼»³² ß ±½ ±² Ô ¼ò Ì» Í ± ²» ù Ó««Ð ±»½ ±² ²¼ ²¼»³² ß ±½ ±² øô³¾±«¹ ͵«¼ Ó««Ð ±»½ ±² ²¼ ²¼»³² ß ±½ ±² øþ» ³«¼ Ô ¼ò Ì» Í ²¼ ¼ Í» ³ Ñ ²» ù Ð ±»½ ±² ú ²¼»³² ß ±½ ±² øþ» ³«¼ Ô ¼ò Ì» Í» ³ Ó««Ë²¼» ²¹ ß ±½ ±² Ô ¼ Ì» Í» ³ Ó««Ë²¼» ²¹ ß ±½ ±² øþ» ³«¼ Ô ¼ò ͪ» ¹» ß²¹º ¹ ß «² Ú±»² ²¹ øì» Í»¼ Ý «¾ Ì» ˲»¼ Õ ²¹¼±³ Ó««Í» ³ Í ß «²½» ß ±½ ±² øþ» ³«¼ Ô ¼ò ˲»¼ Õ ²¹¼±³ Ó««Í» ³ Í ß «²½» ß ±½ ±² øû«±» Ô ¼ Ì» É» ±º Û²¹ ²¼ Í Ñ ²» Ó««² «²½» ß ±½ ±² øô³¾±«¹