Worldwide: Marine/ Shipping

On April 30, Sens. Mark Kelly, D-Ariz., and Todd Young, R-Ind., and Reps. Trent Kelly, R-Miss., and John Garamendi, D-Calif., reintroduced the Shipbuilding and Harbor Infrastructure for Prosperity and Security (SHIPS) for America Act (the Act).

Last month, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued updated guidance to help the global shipping and maritime industry detect and mitigate risks associated with sanctions evasion practices related to the shipment of Iranian-origin petroleum, petroleum products, and petrochemical products.

An "as-is" provision in a purchase and sale agreement is a key component of said agreement. As such, litigation over the scope of this type of clause is noteworthy.