The 31st America's Cup Challenger of Record and Defender (COR/D) are pleased to announce that they have reached agreement on the details of a 'Supplementary Deed of Indemnity'.
This Deed of Indemnity deals with the concerns of the five-member Arbitration Panel with regard to personal liability. It also creates a fund for possible future insurance purposes that may exist after this current America's Cup cycle has ended.
The deed will now be circulated to all participating syndicates and yacht clubs for signature.
Dyer Jones - For the Challenger of Record Management (CORM): "I expect all challenging syndicates and their yacht clubs to sign off on this within the next few days. There are currently several outstanding issues before the Arbitration Panel and finalising this Deed of Indemnity will pave the way for their resolution well in advance of the first race of the Louis Vuitton Cup."
Russell Green - For the Defender: "We are happy with this Deed of Indemnity and pleased that this issue has been resolved. We have a great relationship with CORM and although this process has been lengthy there has never been any confrontation between any parties. Moreover, there has only been constructive co-operation in dealing with this difficult and highly complex issue."
CORM - Challenger of Record Management - is the organising authority for the Louis Vuitton Cup, the challenger selection series for the America's Cup, which starts on 1st October 2002.
The Defender - Royal New Zealand Yacht Squadron/America's Cup 2003 - is the organising authority for the 31st America's Cup Match,which starts on 15th February 2003.
COR/D is the partnership between the Challenger of Record and the Defender responsible for the management structures that are common to both events, such as the Arbitration Panel, the International Jury and the ACC Measurement Committee.