10.15pm
The 31st America's Cup Challenger of Record and Defender (COR/D) have announced that they have reached agreement on the details of a 'Supplementary Deed of Indemnity'.
The Deed of Indemnity deals with the concerns of the five-member Arbitration Panel with regard to personal liability for decisions made by them. It
also creates a fund for possible future insurance purposes that may exist after the current America's Cup cycle has ended.
The deed will now be circulated to all participating syndicates and yacht clubs for signature.
Dyer Jones, from the Challenger of Record Management (CORM), said he expected all challenging syndicates and their yacht clubs to sign the Deed 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."
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 October 1, 2002.
The Defender - the Royal New Zealand Yacht Squadron/America's Cup 2003 - is the organising authority for the 31st America's Cup Match,which starts on February 15, 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.
nzherald.co.nz/americascup
