Maritime Contracts and Charter Parties Flashcards
6 cards from real Maritime Law practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Maritime Contracts and Charter Parties flashcards as text
A 'time charter' differs from a 'voyage charter' primarily because under a time charter the owner provides the vessel for:
Answer: A fixed period, with the charterer directing employment
Under a time charter, the owner provides the vessel and crew for a fixed period, while the charterer directs the commercial employment of the ship.
The 'demise' or 'bareboat' charter transfers which responsibilities to the charterer?
Answer: Full possession, crewing, and navigation of the vessel
A bareboat charter transfers full possession, control, crewing, and navigation to the charterer, making the charterer the vessel's pro hac vice owner.
The 'laytime' provision in a voyage charter refers to:
Answer: The agreed time allowed for loading and discharging cargo
Laytime is the contractually agreed period during which the charterer may load and discharge cargo without paying additional charges.
What is 'demurrage' in the context of a charter party?
Answer: Liquidated damages paid by the charterer for detaining the vessel beyond laytime
Demurrage is the pre-agreed daily rate paid by the charterer to the shipowner as compensation for detaining the vessel beyond the allowed laytime.
The 'NYPE' form referenced in charter party practice stands for:
Answer: New York Produce Exchange
NYPE refers to the New York Produce Exchange time charter form, one of the most widely used standard charter party forms in international shipping.
Under the 'off-hire' clause in a time charter, hire ceases when:
Answer: The vessel is not in full working order due to an event within the owner's sphere
An off-hire clause suspends the charterer's obligation to pay hire when the vessel is unable to perform due to causes within the owner's control, such as breakdown or crew illness.