“Under a time charter party, the charterer hires the vessel for a specified period of time. As in a voyage charter, the shipowner retains control of the ship and the employees on board the ship. However, the charterer is responsible for its deployment, the number of voyages it undertakes, and the destination of the voyages. The shipowner in a time charter party does not undertake to transport the goods to a specified port(s) as in a voyage charter party.”(2,p.162)
“Often confused with the previous charter party, this charter party refers to lease of a vessel by the owner to a charterer for a specified period of time. The owner only offers his vessel at a predetermined rate. The charterer agrees to bear all the expenses incurred on running of the vessel in return of availability of vessel for that time.”(1)
Contract