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P&I (CLASS 3) / PART II / RULE 14
RELEASE
14.1 Request by Member for Release
Upon or at any time after the cesser of insurance in respect of an Entered Ship for any reason, the Managers may, at the request of the Member, release the Member from liability for further contribution to Calls in respect of such Ship. Such release shall be on such terms and include the payment of such amount, as the Managers may, in their sole discretion, deem to be appropriate after taking into account the release formula determined from time to time by the Board.
14.2 No Request by Member for Release
In the absence of a request from the Member the Managers shall nevertheless have power to assess, as at the date of the cesser, or at any time thereafter, the liability of any Member for further Contributions in respect of such Ship and the amount of such assessment shall be payable by the Member on demand without any set-off.
14.3 Scope of Release
The Managers may release a Member from liability from further contribution to one or more of the following:
14.3.1 Estimated Total Call;
14.3.2 Exceptional Calls made under Rule 11.3 Exceptional Calls; and
14.3.3 Overspill Calls made under Rule 11.4 Overspill Calls.
14.4 Effect of Payment of Release Call
Upon payment of such assessment and fulfilment of such other terms as the Managers, in their sole discretion, may deem to be appropriate in the circumstances, the Member shall be released from liability for further contribution to Calls in respect of such Ship.
14.5 Effect of Release
As from the date of the release of an Entered Ship under this Rule 14 in respect of the Estimated Total Call, Exceptional Calls or Overspill Calls as the case may be the Member shall be under no further liability to contribute to the corresponding Calls in respect of that Ship under Rule 10 Contribution by Way of Calls nor shall the Member have any right to share in any return of Contributions or other receipts under either Rule 37.3 Disposal of Excess Funds or Rule 39.2 Overspill Reserve or both as the case may be in respect of that Ship.