Affreightment, Contract of
A contract of affreightment refers to an agreement between a shipper or cargo owner and a carrier to transport goods over a specified period or for a series of voyages. It establishes the terms and conditions for the carriage of goods, including freight rates, cargo quantity, loading and unloading ports, and any special requirements. The contract of affreightment provides clarity and certainty regarding the transportation arrangements, ensuring smooth operations and efficient movement of cargo within the supply chain. It is a fundamental document that governs the rights and obligations of both the shipper and the carrier in the shipping process.