Protocol of 1976 to the International Convention on Civil Liability for Oil Pollution Damage, 1969 (CLC PROT 1976)
- Type: Convention
- Date of signature: 19/11/1976
- Place of signature: London, United Kingdom
- Depositary: International Maritime Organization (IMO)
- Date of entry into force: 08/04/1981
What is it about?
The 1969 Civil Liability Convention used the “Poincaré franc”, based on the “official” value of gold, as the applicable unit of account. However, experience showed that the conversion of this gold-franc into national currencies was becoming increasingly difficult. The 1976 Protocol therefore provides for a new unit of account, based on the Special Drawing Rights (SDR) as used by the International Monetary Fund (IMF).
Why is it relevant?
Provides a higher level of consistency across the ratifying states by making it easier to calculate the value of a claim for compensation in relation from the Fund. It therefore further enhances the parent Convention, which allows affected populations to avoid lengthy and costly claim proceedings.
The exchange rate for currencies versus the SDR fluctuates daily. However, in order to cater for those countries which are not members of the IMF and whose laws do not permit the use of the SDR, the Protocol provides for an alternate monetary unit - based, as before, on gold.
- The International Convention on Civil Liability for Oil Pollution Damage, 1969
- Protocol of 1992 to amend the International Convention on Civil Liability for Oil Pollution Damage, 1969
- International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (FUND) (London, 18 December 1971)
- Protocol to Amend the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (FUND 2) (London, 27 November 1992)