charter-party

The shipping company signs a charter-party for the vessel.

Definition

1. Noun:
   • A written contract for the hire of a ship: A "charter-party" is a legal agreement between a shipowner and a charterer, specifying the terms under which a vessel is leased for a particular voyage or period.
   • A document of maritime law: In commercial shipping, it formalizes the rights, duties, and conditions of the charter, including freight rates, loading and unloading times, and liability.

Usage Examples

• (A legal contract for hiring a ship.)
• (The agreement specifies obligations.)
• (A common issue in maritime contracts.)

Advanced Usage

• "voyage charter-party": a contract for a single trip or voyage.
  • The grain shipment was arranged under a voyage charter-party. (The ship was hired for one specific journey.)
• "time charter-party": a contract for a fixed period, with the charterer controlling the vessel's commercial operations.
  • The oil company preferred a time charter-party for its long-term supply needs. (Leasing the ship for a set duration.)

Variants and Related Words

• Charterer (n): a person or company that hires a ship under a charter-party.
  • The charterer must pay the agreed freight promptly. (The party renting the vessel.)
• Charter (n/v): a broader term for a document granting rights or leasing a vehicle, but "charter-party" is specific to ships.
  • They decided to charter a yacht for the weekend. (To hire a vessel, not necessarily under a formal charter-party.)

Synonyms

• Hire contract: a general agreement for leasing property.
• Shipping contract: a formal document for maritime transport.
• Affreightment contract: a legal term for a contract of carriage by sea (often used interchangeably with "charter-party" in legal contexts).

Phrasal Verbs

• Charter out: to lease a ship to a charterer.
  • The owner chartered out the tanker under a standard charter-party. (To rent the vessel to another party.)

Related Idioms

• Under charter: a ship operating under the terms of a charter-party.
  • The vessel is currently under charter for a transatlantic voyage. (The ship is leased and bound by the contract.)
• Charter-party arbitration: a legal process for resolving disputes under the contract.
  • The dispute was settled through charter-party arbitration in London. (A formal dispute resolution method.)