New Zealand Shipping Co. Ltd. v. A. M. Satterthwaite & Co. Ltd.,[1] or The Eurymedon (/jʊəˈrɪmədɒn/) is a leading case on contract law by the Judicial Committee of the Privy Council.

[4]In this case, the Privy Council considered that all four aspects of the "Lord Reid test" had been met, so that the stevedores were fully protected under the damage exclusion clause.

[6] Lord Wilberforce stated: the Bill of Lading brought into existence a bargain initially unilateral but capable of becoming mutual, between the shippers and the appellants (NZ Shipping Co Ltd), made through the carrier as agent.

The performance of these services for the benefit of the shipper was the consideration for the agreement by the shipper that the appellant should have the benefit of the exemptions and limitations contained in the Bill of Lading.He went on to say: in their Lordships' opinion, consideration may quite well be provided by the appellant, as suggested, even though (or if) it was already under an obligation to discharge to the carrier ... An agreement to do an act which the promisor is under an existing obligation to a third party to do, may quite well amount to valid consideration and does so in the present case: the promisee obtains the benefit of a direct obligation which he can enforce.

This proposition is illustrated and supported by Scotson v Pegg (1861) 6 H & N 295 which their Lordship consider to be good law.