Time Charter Party
A Time Charter Party is a contract between the shipowner and the charterer, where the shipowner agrees to provide a vessel to the charterer for a specified period of time. The charterer has the right to use the vessel for their own purposes, and they are responsible for paying for the fuel, port charges, and other expenses associated with the operation of the vessel during the charter period. The shipowner is responsible for providing a seaworthy vessel and for paying for the crew, insurance, and maintenance of the vessel. The terms of the Time Charter Party include the duration of the charter, the hire rate, the trading limits, and the responsibilities of both the shipowner and the charterer.
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