Charter party

A written contract between the owner of a vessel and the person desiring to employ the vessel (charterer), setting forth the terms of the arrangement, freight rate and ports involved.

Bare boat charter – A charter in which the bare ship is chartered without crew; thecharterer, for a stipulated sum, take over the vessel for the stated period of time, with a minimum restrictions. The charterer appoints the Master and the crew and pays all running expenses.

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