Charter party

How it is used

Shortened to C/P. Most charter parties are based on standard forms such as GENCON for voyage charters and NYPE for time charters, with extra rider clauses. Masters must follow its terms, for example on speed and fuel consumption.

Example sentences

1. According to the charter party, laytime starts six hours after the notice of readiness is tendered.

2. The owners and charterers signed the charter party last week.

Common collocations

• voyage charter party
• time charter party
• charter party terms
• rider clause
• GENCON form

Related terms

• chartererThe person or company that hires a ship from the shipowner under a charter party, either to carry its own cargo or to trade the ship.
• shipownerA person or company that owns one or more ships and either operates them or hires them out to charterers.
• laytimeThe period of time agreed in a charter party for loading or discharging cargo without any extra payment to the shipowner.
• demurrageMoney that the charterer pays the shipowner when loading or discharging takes longer than the laytime agreed in the charter party. It is usually a fixed daily rate.
• freightThe money paid to the carrier for transporting goods by sea. In general English it can also mean the goods themselves.

More terms: Chartering & Shipping Documents

• bill of lading
• notice of readiness
• flag state