Miller Magazine Issue: 115 July 2019

75 ARTICLE MILLER / JULY 2019 4. FOLLOW YOUR CONTRACT The central part of proper execution is fulfilment of obligations in strict accordance with contract terms. This is not only the matter of strict compliance with what was undertaken in the contract. There are cer- tain steps that may help a proper execution: 1) Roadmap or list with actions to be taken and deadlines. This helps to avoid mistakes or omissions. 2) Recording all steps taken and main events during contract execution. If things go wrong, this may assist at dispute resolution stage. 3) Copies of all shipping and other documents in relation to the contract should be stored in appro- priate place in systematic order (in relevant folders, sub-folders). This also includes proofs of delivery of documents to the counterparty (do not forget to download them from tracking system of the courier). 5. REACT IN APPOPRIATE WAY During execution disagreements or disputes may occur. It is important to be responsive. If one par- ty attempts or actually derogates from or breaches the contract and another party is silent, such silence may be interpreted as acceptance, meaning that it may be simply too late to turn back the clock. So, once problem occurs it is important to fix and lay down your position to the counterparty clearly and without delay. The same applies to you actions – if you perform as requested by your counterparty, but not as con- tract says it should be done – you changed agree- ment and cannot go back on previously agreed terms. The rule is quite simple here: you should fol- low instructions of your counterparty provided that instructions are contractual. It is also common that the problematic situation may require a very prompt intervention of decision-makers and lawyers. They should promptly and fully put in the way of things i.e. provide with all relevant details, correspondence and documents of the case to make a well-reasoned decision and render a proper legal advice respectively.