Demise Or Bareboat Charters
In maritime context, Demise or Bareboat Charters refer to a type of charter in which the charterer takes on most of the responsibilities of the ship owner. The charterer is granted possession and control of the vessel, including the right to appoint the ship's master and crew. The charterer also assumes legal and financial responsibility for the vessel, including its operation, maintenance, and any necessary insurances. The charter period can range from a few weeks to several years, depending on the agreement between the parties. The charterer pays for all operating expenses, including fuel, crew, port expenses, and P&I and hull insurance. At the end of the charter period, the vessel is returned to the owner. The owner of a ship under a bareboat charter retains bare legal title to the ship, but transfers possession and control of the ship to the charterer.
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