Charter Parties

A charter party is a legal agreement between the owner of a ship and a charterer who wants to rent the vessel for specific purposes, like transporting goods. It outlines terms such as the duration of the rental, payment rates, responsibilities for cargo, and liability for damages. There are different types of charter parties, including time charters, where the ship is rented for a set period, and voyage charters, which cover a single journey. This contract ensures both parties clearly understand their rights and obligations regarding the use of the ship.