AFFREIGHTMENT
Affreightment is a contract between a ship owner and a charterer, where the ship owner agrees to provide a vessel or a part of it to the charterer for the transportation of goods or passengers. The charterer pays a freight rate to the ship owner for the use of the vessel. The contract specifies the terms and conditions of the agreement, including the duration of the charter, the ports of call, the cargo to be transported, and the responsibilities of both parties. There are two types of affreightment: time charter and voyage charter.
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