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What is Time Charter Party?
A time charter party is a contract whereby the lessor places a fully equipped and manned ship at the disposal of the lessee for a period of time for a consideration called hire. The lessor may be the shipowner or demise charterer and the time charterer will be the lessee.
What is the meaning of time charter?
A time charter is the hiring of a vessel for a specific period of time. The owner still manages the vessel, but the charterer selects the ports and directs the vessel where to go. The charterer pays for all fuel the vessel consumes, port charges, commissions, and a daily hire to the owner of the vessel.
What is a time charter agreement?
A time charter — is a contract for the hire of a named vessel for a specified period of time. i) The charterers agree to hire from the shipowner a named vessel, of specified technical characteristics, for an agreed period of time, for the charterer's purposes subject to agreed restrictions.
What is the difference between bare boat charter and time charter?
A bare boat charter is also referred to as a demise charter. Under this the owner of the ship gives its possession to a charterer who hires his own crew and master. A time charter refers to a ship that has been hired by a person for carrying out a trade for a specific period of time.
What is a charter and what does it do?
noun. A document, issued by a sovereign or state, outlining the conditions under which a corporation, colony, city, or other corporate body is organized, and defining its rights and privileges. A grant by a sovereign power creating a corporation, as the royal charters granted to British colonies in America.
What is a voyage charter party?
Definition of voyage charter party : a charter party whereby the owner of a ship agrees to transport a full shipload of cargo owned or furnished by another person with the ship's crew and master in control of the navigation.
What is meant by voyage charter?
A voyage charter is the hiring of a vessel and crew for a voyage between a load port and a discharge port. The charterer pays the vessel owner on a per-ton or lump-sum basis. The owner pays the port costs (excluding steering), fuel costs and crew costs. The payment for the use of the vessel is known as freight.
What do you mean by Charter Party?
Charter party, contract by which the owner of a ship lets it to others for use in transporting a cargo. The shipowner continues to control the navigation and management of the vessel, but it's carrying capacity is engaged by the charterer.
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