Definition
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.
Related Articles
- Financing Your Small Business - Writing a Business Plan *
- Can VAT Help America? *
- Four Ways to pay for a Higher Education *
- Starting a College Fund for your Child - Savings or Investments? *
- Installment Sale *
- The Stock Market *
- Information on Filing Auto Claims and Reducing Premiums *
- Understanding Homeowner's Insurance Policies *
Related Videos
http://www.businessdictionary.com/definition/contract-of-affreightment.html
