Charter party (C/P)

A Charter Party (C/P) is a legal contract between a shipowner or charterer and a charterer or shipper. It outlines the terms and conditions under which a vessel is hired for the transportation of goods or passengers. The C/P specifies important details such as the duration of the charter, the freight rate, the responsibilities of each party, and any special requirements or conditions. It serves as a binding agreement that governs the rights and obligations of both the shipowner and the charterer, ensuring a smooth and organized operation within the supply chain.