Common Contracts
1 similar Charter Party Agreement contracts
Types of charter party agreements. 3 types of charter party. Types of charter party. Charter party abbreviations.Charter Party Agreement • May 3rd, 2023
Primarily, there are three (3) types of Charter Parties in use: 1- Time Charter Party 2- Voyage Charter Party 3- Bareboat Charter Party 1- Time Charter Party In Time Charter Party, the Charterer hires the ship for some time within agreed limits during which time the Charterer has the discretion as to how the ship shall be employed. Usually, Time Charter Hires are paid to the Shipowners on a monthly or semi-monthly basis. Technical Management of the ship is not transferred to the Time Charterer. Commercial Management of the ship is transferred to the Time Charterer. Time Charterer is more involved with the voyage than Voyage Charterer. In a Time Charter Party, the Time Charterer supplies and pays for the bunkers, docks, harbor dues. Furthermore, the Time Charterer arranges and pays for cargo handling costs (loading and discharge expenses). The Time Charterer delivers instructions to the Ship Master as to which ports the ship will steam.
