Speed and ease of charter party creation:
Some of Chinsay’s clients have reported time savings of approximately 4 hours per charter party for creation and reviewing. For a principal doing 100 fixtures per year with an hourly cost of $100 (all inclusive) for back office staff, this corresponds to an annual saving of $40,000
Savings on courier costs:
Each document is couriered 2 or 3 times per voyage. Some (or all) of these courier charges can be saved by using electronic signatures. At a typical courier cost of $30-50 per document the savings are significant. With 100 fixtures per year, the annual cost could be $6,000
Reduced legal costs and fees paid for arbitration and litigation cases:
Our clients and their legal representatives describe how Chinsay helps them reduce disputes on which terms have been agreed, but also supports them in the discovery where disputes do arise. The single source of truth in the Golden Copy of the charter-party resides in Chinsay and the Audit Log serves as an excellent starting point in any arbitration regarding disputed terms. Chinsay thereby reduce the time spent on each case as well as the legal costs associated with it.
Based on discussions with clients, it seems fair to assume that 1% of fixtures are disputed on agreed terms, while 0.1% of fixtures ends up in arbitration/litigation. For a principal executing 100 fixtures per year, the reduced legal costs and fees from using Chinsay can easily amount to $10,000
Collaborate and track progress effortlessly:
Chinsay allows everyone in the organisation to collaborate both internally and externally and to access a charter party anytime, anywhere. Real-time Progress Reports, Notifications and Signature Tracking ensures full overview of your recap and charter party activities.
If you would like to know more about how Chinsay can free up time, remove contractual risk and help you make better decisions – contact us on email@example.com or call +46 86111420.