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Chartering, marine
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A vessel is chartered when it is, as it were, hired in part or whole for a particular time or a particular purpose. The contract is known as a charter party. Where the contract does not otherwise specify it is covered by the Carriage of Goods by Sea Act. There are various froms of charter. The sum paid by the charterer is known as freight. Charter conditions vary considerably: the ship may be taken over completely, or with the shipowner’s crew.
Reference: The Penguin Business Dictionary, 3rd edt.
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