Charter party

Charter party

1) In shipping, the name given to a contract for the hire of a vessel, where the ship owner places his ship, or part of it, at the disposal of a shipper (ie the charterer) for the carriage of goods from one port to another, the contract term being either for a single journey (port to port) or for a given period of time.

The terms and conditions, and any exceptions, are set out in the charter party. See also C/P.

Source: David Lowe. The Dictionary of Transport and Logistics. Kogan Page, 2002. – P.40 (288 p.)