What is Charterparty Agreement?
Charterparty Agreement A formal contract between a shipowner and a charterer specifying terms for the hire and use of a vessel, including freight, laytime, demurrage, and responsibilities.
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Charterparty Agreement” Used in Practice?
The charterparty agreement specified laytime allowances, demurrage rates, and cargo responsibilities for both the shipowner and the charterer.
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Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
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What is Charterparty Agreement?
A formal contract between a shipowner and a charterer specifying terms for the hire and use of a vessel, including freight, laytime, demurrage, and responsibilities.
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