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Charter Party [Last Updated by: admin on 2012-01-01]
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Contract under which the charterer has the use of the ship for the carriage of goods for a voyage or a certain time. It sets forth the terms of the arrangement such as freight rate and ports involved in the trip contemplated. Such a contract may also act as security for a loan to the shipowner from a bank. the money paid to the owner is known as Freight.
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