A closed end fund (or closed ended fund) is a collective investment model based on issuing a fixed number of shares which are not redeemable from the fund.

If individually negotiated contracts are excluded from the draft instrument or are not covered by its mandatory scope, then the substantive liability regime applies mandatorily only to what may be called contracts of adhesion.

First, all existing international regimes establish minimum levels of carrier liability, which apply mandatorily, that is to say the relevant substantive rules on liability of the carrier may not be contractually modified to the detriment of the shipper or consignee.

Nevertheless, it should be noted that if the draft instrument were to apply by default, albeit not mandatorily, a contracting party with more detailed knowledge of all the terms of the complete set of rules may find itself at an advantage.

The provisions of article 36 must be reviewed in connection with article 94. It seems that article 36 is already covered by paragraph 2 of article 94, which mandatorily regulates the responsibility and liability of the shipper and persons referred to in article 34.