Charter Party 2
Charter Party 2 : A contract, expressed in writing on a special form, between the owner of a vessel and the one (the Charterer) desiring to employ the vessel, setting forth the terms of the arrangement such as freight rates and ports involved in the trip contemplated. Also, among other specifications, the contract usually stipulates the exact obligations of the ship-owner (loading the goods, carrying the goods to a certain point, returning to the charterer with other goods, etc.); or it provides for an outright leasing of the vessel to the charterer, who then is responsible for his own loading and delivery. In either case, the charter party sets forth the exact conditions and requirements agreed upon by both sides
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