What is meant by contract of affreightment?
: a charter party in which the vessel leased remains in the management of the owner.
What is a voyage charterparty?
Definition of voyage charter party : a charter party whereby the owner of a ship agrees to transport a full shipload of cargo owned or furnished by another person with the ship’s crew and master in control of the navigation.
What is demise charter?
Demise charter means a legally binding document for a term of one year or more under which for the period of the charter, the party who leases or charters the vessel, known as the demise or bareboat charterer, assumes legal responsibility for all of the incidents of ownership, including insuring, manning, supplying.
What are the implied obligations in a contract of affreightment?
In every contract of affreightment there is an implied obligation to provide a seaworthy vessel ‘fit to meet and undergo the perils of the sea and other incidental risks to which of necessity she must be exposed in the course of a voyage’.
What is the contract of affreightment explain the contract of affreightment in relation to the concept of charter party and the bill of lading?
A contract of affreightment is a contract between a ship-owner and a charterer, in which the ship-owner agrees to carry goods for the charterer in the ship, or to give the charterer the use of the whole or part of the ship’s cargo-carrying space for the carriage of goods on a specified voyage or voyages or for a …
What happens when a contract is discharged?
When the main obligations of an agreement come to an end, discharge of the contract occurs. This means the contractual relationship is now terminated. However, parties can terminate an agreement even if they don’t fulfill their primary contractual obligations.
What is a contract of affreightment?
A contract of affreightment is a binding agreement signed between a charterer and an ocean or water vessel carrier to secure space for shipping goods. The carrier who hires the ship is called the charterer.
What are the standard charter parties for contracts of affreightment (COA)?
There are several standard charter parties for Contracts of Affreightment (COA) such as Volcoa and Intercoa. Standard charterparty forms are designed to be used in conjunction with voyage charter forms for each voyage which is undertaken under the Contracts of Affreightment (COA).
How is the allocation of an affreightment charge made?
Allocation or adjustment of this charge will be made solely by the parties to the Contract of Affreightment, in accordance to its terms.