time charter party

Fixed Time-Charter Contract

This Fixed Time-Charter Contract (the “Contract”) is made and entered into on this ___ day of _____, 20xx, by and between _____ (the Charterer), and _____ (the Owner), a company duly incorporated and organized under the laws of _____, both of whom agree to be bound by the terms and conditions contained herein.

1. Definition of Terms.

All terms and phrases used herein shall have the same meaning as ascribed to them in the International Maritime Law, unless otherwise defined herein.

2. Vessel.

The Owner hereby Charterers unto the Charterer and the Charterer hereby charters from the Owner, for the hire under this Contract, the vessel described below, including all appurtenances, accessories and equipment:

Name of Vessel: ____________

Type of Vessel: ____________

Date of Delivery: ____________

Gross Tonnage: ____________

Location of Delivery: ____________

3. Charter Period.

The Charterer shall possess and hold the vessel during the period of time commencing on the date of delivery set forth above and ending on the ___ day of _____, 20xx (the “Charter Period”).

4. Rent.

The Charterer shall pay to the Owner a charter hire (the “Rent”) of __________ Dollars ($_______ ) for the time period, payable in advance in equal monthly installments. In addition to any late payment penalty set forth herein, the Charterer shall also pay an additional 5% of the Rent for each month the Rent is overdue.

5. Payment.

The Charter hire must be paid to the Owner in advance and time shall be of the essence in respect of any payment due to the Owner. All payments shall be made in US Dollars in immediately available funds to the Owner or his agent at the Owner’s address as stated in this contract. All payments made by the Charterer will be deducted from the Rent due.

6. Inspection of Vessel.

The Charterer shall have the right to inspect and examine the Vessel upon delivery and shall notify the Owner, promptly in writing, of any defects observed.

7. Delivery and Redelivery.

The Owner shall deliver and redeliver the Vessel to the Charterer in a seaworthy and fully outfitted condition, ready to begin its journey. All risk of loss or damage to the Vessel shall be transferred to the Charterer upon delivery and resumed by the Owner upon redelivery. The Owner shall bear all damage incurred in the course of going or coming from the delivery and redelivery port, unless such damage was caused by the negligence of the Charterer.

8. Maintenance and Repair.

The Charterer shall be responsible for the Vessel’s maintenance and repair during the Charter Period. All passages, costs and charges incurred by the Vessel, its crew and its cargo shall be at the Charterer’s expense.

9. Obligations of the Charterer.

The Charterer shall ensure that the vessel maintains a proper crew, abides by all applicable laws, regulations and ordinances and remains in a seaworthy and reliable condition throughout the term of the Charter. The Charterer hereby agrees to accept full responsibility for all liabilities associated with the vessel’s operations until redelivery of the vessel.

10. Insurance.

The Charterer shall maintain insurance for the Vessel in accordance with the laws of the country for which the Vessel is registered, or the laws of the country the Vessel is navigating in, whichever is more favorable to the Charterer.

11. Termination of Contract.

This Contract shall terminate upon delivery and redelivery of the Vessel and all monies due hereunder shall become due and payable on the date of redelivery.

12. Waiver of Breach.

The failure of a party to exercise its rights or enforce any terms or conditions of this Contract shall not be deemed to be a waiver of that right or of any other right or condition of this Contract.

13. Assignment.

Neither party may assign, transfer or sublet its rights or obligations hereunder except with the prior written consent of the other party.

14. Legal Costs.

The party prevailing in any action between the parties arising out of the enforcement of this Contract shall be entitled to recover from the other party its reasonable attorneys’ fees and costs.

15. Governing Law.

This Contract shall be governed by and construed in accordance with the laws of the State of ____.

IN WITNESS WHEREOF, the parties hereto have executed this Contract as of the day and year first above written.

OWNER:

Charterer:

Charter Party

This Charter Party (hereinafter referred to as the Charter) is hereby made and entered into as of the _______ day of ________, 20__ (hereinafter referred to as the Effective Date), by and between __________________ (hereinafter referred to as the Charterer), a company organized and existing under the laws of ___________, with its principal office located at ____________________ and ___________________ (hereinafter referred to as the Owner), a company organized and existing under the laws of ___________, with its principal office located at ________________________.

Whereas, the Charterer desires to charter, and the Owner is willing to charter the Vessel (as defined below) to the Charterer subject to the terms of this Charter, as specified herein.

Now, Therefore, in consideration of the mutual covenants and conditions hereinafter set forth, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. Definitions.

a. Vessel: __________________________

b. Charterer: ________________________________

c. Owner: _______________________________________

2. Terms.

a. The Owner hereby demises and lets to the Charterer, for a period of ________ months from the Effective Date, the Vessel and all of the appurtenances thereto, subject to the terms, conditions, errors and omissions of this Charter.

b. The Charterer hereby agrees to pay to the Owner an amount of _________ from the Effective Date, on a month-to-month basis.

3. Warranties.

a. The Owner warrants and covenants that the Vessel is seaworthy, fit to be chartered, and is in full compliance with all applicable laws and regulations with respect to the use of the Vessel.

b. The Owner hereby agrees to assume all liability for any and all damage caused to the Vessel during its use by the Charterer.

4. Indemnification.

a. The Charterer hereby agrees to indemnify, defend, and hold the Owner harmless from and against any and all liabilities, losses, costs, damages, judgments, settlements and expenses that arise out of or are related to the use of the Vessel by the Charterer.

5. Governing Law.

This Charter shall be governed by the laws of __________________.

IN WITNESS WHEREOF, the parties have duly executed this Charter as of the day and year first written above.

Charterer: _________________________

Owner: _____________________________