18.4 C
New York
Saturday, June 3, 2023

Latest Posts

President Luis Abinader enacts Maritime Trade Law

The President of the Republic, Luis Abinader, promulgated Law No. 5-23, of January 19, 2023, on Maritime Commerce in the Dominican Republic.

The Executive emphasizes that through this new piece of legislation, the legal framework of this particular branch of commercial law that regulates everything concerning the acts and events that occur in the jurisdictional water of the Dominican State is updated; likewise, it governs the classification and identification of vessels.

According to a press release, it is possible to consolidate the regulations regulating the business and maritime operations that were dispersed in different laws in this legal instrument. Clear and defined procedures are established for the actors involved in contracts for the exploitation of marine vessels, in the international transport of merchandise, and other activities related to maritime trade.

Likewise, it regulates the limited liability regime, how the flag of the maritime vessel occurs, and its cancellation, as well as the different elements of the ship, such as its name, registration, and identification, among others.

It also establishes the registry for the different rights on the maritime ship, the order of credits that have privileges on the ship, and whether it is built or not.

Likewise, it establishes the procedure for the different preventive or conservatory and enforceable measures on maritime vessels, for special withholdings, and for their sale at public auction.

Also, it defines the obligations, functions, and responsibilities of the different subjects of navigation, such as the shipowner or owner of the ship, the officers, the crew, and the captain, who holds public, technical, commercial, and labor functions.


Latest Posts

Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.