What is Charter Party?
Charter Party A specialized contract in maritime law between a shipowner and charterer, setting terms for the hire and operation of an entire vessel for a specified voyage or period.
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Charter Party” Used in Practice?
A Charter Party specifies the laytime, freight rates, and demurrage clauses for a vessel's voyage or period of hire.
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Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
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What is Charter Party?
A specialized contract in maritime law between a shipowner and charterer, setting terms for the hire and operation of an entire vessel for a specified voyage or period.
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