Charter-Party

A contract entered into respectively by the Owner or Master of a ve el and the Charterer or Charterers; i. e: the person or parties hiring either the whole or a portion of the ship, on specified conditions and for a stated voyage or time. The Charterer agreeing to supply the whole (or a portion) of the cargo, and to pay the stipulated freight, either partly or in full before the ve el sails; or on the delivery of the goods at the port or ports of destination; also demurrage, if the Ship-Owner or Master is entitled to claim any. The counter obligation on the part of the Owner or Master is: that the ve el shall be in a perfectly seaworthy condition, well fitted and equipped for the voyage; the loading, and faithful delivery of the cargo at the port or ports named in such Charter-Party.