charterparty definition

charterparty

Hire or lease contract between the owner of a vessel (aircraft or ship), and the hirer or lessee (charterer). Under a charterparty, a vessel is rented (in full or in part) for one or more voyages (voyage charter) or for a fixed period (time charter). Normally, the vessel owner retains rights of possession and control while the chartrer has the right to choose the ports of call. Also called charter agreement or charter contract, and written also as charter party.

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