contract of affreightment

Popular Terms
Binding agreement which sets forth the obligations and rights of the owner of a vessel (aircraft or ship) and a merchant. The vessel owner undertakes to provide cargo-space (at a specified time, and for a specified freight) to the merchant who is liable for payment whether or not the cargo is ready for shipment. This contract addresses issues associated specifically with a vessel, its crew, and the routes on which it will be plied. Also called contract of freightment. See also charterparty and contract of carriage.


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