Charter Party
Charter Party is a legal contract between a shipowner and a charterer for the hire of a vessel, either for a specific voyage or for a set period of time. The contract outlines the terms and conditions of the agreement, including the freight rate, the duration of the charter, the ports of call, the cargo to be carried, and the responsibilities of both parties. There are two main types of Charter Party: Time Charter and Voyage Charter. In a Time Charter, the charterer hires the vessel for a set period of time and has more control over the cargo and the ports of call. In a Voyage Charter, the charterer hires the vessel for a specific voyage and the shipowner has more control over the vessel and the cargo.
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