You are representing a charterer, globe trotter dmcc (the “charterer”)

You are representing a charterer, Globe Trotter DMCC (the “Charterer”), incorporated in the UAE. The Charterer entered into the Bareboat Charter (the “Charter”) with the shipowner, Sea Calf Holdings Limited, incorporated in Cyprus (the “Shipowner”, together – the “Parties”). The place of the Charter's conclusion is Paphos. The Charter is substantially based on the BIMCO standard form. The Charter consists of two parts: the Special Conditions (Part I) and the General Conditions (Part II). Part I contains the following dispute resolution clause:
Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) is agreed, the place of arbitration must be stated). Cl. 30(c) Clause 30 of Part II provides for the following: 30(a). This Contract shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Contract shall be referred to arbitration in accordance with the London Maritime Arbitrators Association. 30(b). This Contract shall be governed by and construed in accordance with the maritime law of the USA and any dispute arising out of or in connection with this Contract shall be referred to arbitration in accordance with the Rules of the Society of Maritime Arbitrators. 30(c). This Contract shall be governed by and construed in accordance with laws of the place mutually agreed by the Parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at a mutually agreed place, subject to the procedures applicable there. If Box 35 in Part I is not appropriately filled in, Sub-clause 30(a) of this Clause shall apply. Sub-clauses 30(a), 30(b), and 30(c) are alternatives, indicate the alternative agreed in Box 35 in Part I. Please note that Sub-Clauses 30(a) and 30(b) of Clause 30 have been strickenthrough by the Parties. The Shipowner sent a notice to the Charterer stating its intention to initiate “legal proceedings” againt the Charterer due to the non-payment of the charter hire. Your client received this notice and asked you to explain:
What law applies to the Charter?
Whether there is an arbitration agreement and what is the appropriate forum(s) for resolving the dispute between the Charterer and the Shipowner? You are tasked with drawing up a letter to the client, addressing the questions posed. Your letter should be written in a formal but client-friendly manner. When answering the questions, please describe all possible options and indicate the most reasonable one, providing an appropriately substantiated explanation. Please type your letter in English, with references to applicable laws, court/arbitration practice, and/or doctrinal sources. The references, at your discretion, can be made by way of either hyperlinks (in the body of your text) or footnotes at the bottom of each page. In all cases, however, references should be easily accessible, so please make sure that the source you cite is searchable and opens properly. If you refer to a particular book or case, do not forget to list a specific page or paragraph – inaccurate/ erroneous citations will not count.