162. Meaning of 'charterparty'.

A charterparty is a contract by an owner or disponent owner1 to make the capacity of an entire vessel or some principal part of her available to another person, the charterer, for a voyage or series of voyages or alternatively for a period of time. There are three main categories of charterparty:

  1.  

    (1)     a voyage charterparty whereby the vessel is chartered for a specified voyage2;

  2.  

    (2)     a time charterparty whereby the vessel is chartered for a specified period of time