Bareboat Charter Party

In the supply chain context, a bareboat charter party is an agreement in which the owner of a vessel leases it to another party, known as the charterer, without crew or provisions. Under a bareboat charter, the charterer assumes full responsibility for the operation and management of the vessel, including crewing, maintenance, and expenses. The charterer gains exclusive possession and control of the vessel for a specified period, using it to transport goods or passengers as per their own requirements.