CHARTERER Meaning and
Definition
-
A charterer, in the context of maritime law, refers to an individual or company that charters or leases a vessel, such as a ship, for a specified period of time or for a specific voyage. The charterer does not own the vessel outright but is granted the right to use it for a particular purpose. This contractual arrangement is commonly known as a charter party agreement.
The role of a charterer involves the temporary possession and control of the chartered vessel. They assume responsibility for the payment of charter hire, which is the compensation provided to the shipowner for the utilization of their vessel. Additionally, the charterer typically assumes various obligations associated with the vessel's operation and maintenance during the agreed-upon charter period.
Charterers may include a diverse array of entities, such as shipping companies, cargo owners, or even individuals. They charter vessels primarily for transporting cargo, but charters can also be carried out for various purposes, including pleasure cruises, research expeditions, or special events. The terms and conditions of a charter party agreement are negotiated between the charterer and the shipowner, covering aspects such as the duration, route, payment terms, insurance, and liabilities.
In summary, a charterer is an entity that enters into a contractual arrangement to lease a vessel for a specific period or voyage, assuming temporary possession and control of the vessel, while also being responsible for the payment of charter hire and other obligations stipulated in the charter party agreement.
Common Misspellings for CHARTERER
Etymology of CHARTERER
The word "charterer" comes from the Old French noun "chartre", which was derived from the Latin word "chartula". "Chartula" referred to a small paper, document or charter. This Latin term was derived from the earlier Latin word "charta", meaning "paper" or "papyrus". The term "charter" in English has existed since the 13th century and initially referred to a legal document or patent. Over time, the word "charter" took on additional meanings, including granting rights or privileges, and eventually evolved to include the concept of hiring or renting, leading to the term "charterer" being used to describe someone who rents or hires a vessel, aircraft, or other means of transportation.
Similar spelling words for CHARTERER
Infographic
Add the infographic to your website:
