Section 2. SHIP BROKERAGE

Article 166.- Ship brokerage and shipbrokers
1. Ship brokerage is a service whereby a shipbroker acts as an intermediary under a ship brokerage contract for the involved parties in the transaction, negotiation and conclusion of contracts of carriage, of marine insurance, of charter, of sale and purchase of seagoing vessels, seagoing vessel towage contracts, crew employment contracts and other contracts pertaining to maritime shipping activities.
2. The shipbroker is the person performing the ship brokerage service.

Article 167.- Rights and obligations of shipbrokers
1. To serve the contracting parties provided that he/she must inform each party thereof, to pay due attention to the legitimate rights and interests of the involved parties.
2. To enjoy brokerage commission when the contract has been concluded as a result of his/her efforts. The shipbroker’s commission shall be mutually agreed between the shipbroker and his principal; in the absence of such agreement, the shipbroker’s commission shall be determined by local custom.
3. To be obliged to perform brokerage in an honest manner.
4. To be responsible for the legal status of the principals during the time of brokerage.
5. The ship broker’s liability shall terminate when the contract between the involved parties has been concluded, unless otherwise agreed.

Article 168.- Statute of limitations for initiation of lawsuits regarding performance of ship brokerage contracts
The statute of limitations for initiation of lawsuits regarding performance of ship brokerage contracts is two years as from the date of arising of disputes.