subcharter
Definition
Noun:
- A secondary charter: "subcharter" refers to a charter (a contract for the hire of a ship, aircraft, or vehicle) that is granted by a person or entity who is themselves the charterer under a primary charter. Essentially, it is a lease or hire agreement made by the original charterer to a third party.
Verb:
- To subcharter: To hire out (a ship, aircraft, or vehicle) that one has already chartered to another party. This is the action of entering into a subcharter agreement.
Usage Examples
Noun:
- The shipping company entered into a subcharter with a smaller firm to use its vessel for a single voyage. (A secondary hire contract was made.)
Verb:
- They decided to subcharter the cargo ship to another logistics provider for the busy season. (They rented out the ship they had already chartered.)
Advanced Usage
- "to grant a subcharter": to formally allow a charterer to hire out the chartered asset.
- The owner of the aircraft granted a subcharter to the airline. (The owner permitted the airline to sub-lease the plane.)
Variants and Related Words
Subcharterer (n): a person or company that hires a vessel, aircraft, or vehicle under a subcharter.
- The subcharterer was responsible for the cargo's safety. (The party that hired the ship from the original charterer.)
Charter (n/v): the primary contract for hire; the act of hiring.
- The original charter was signed in January. (The main hire agreement.)
Synonyms
- Sublease: a lease granted by a lessee to a third party (more common for property, but analogous).
- Sublet: to rent out property one is already renting (similar concept for vehicles or vessels).
Related Idioms
- "to pass the charter": an informal phrase meaning to transfer the rights of a charter to another party (not an idiom but a related concept).
- The company decided to pass the charter to a partner firm. (They transferred the hire agreement.)