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Tamil Nadu Board of Secondary EducationHSC Commerce Class 11

What is charter party? - Commerce

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Question

What is charter party?

Short Note

Solution

When goods are to be consigned in large quantity, it is advantageous to hire the whole or substantial part of the ship. The document through which this contract is made is known as ‘Charter Party’ may also be known as ‘Voyage Charter’ or ‘Time Charter’. The person who hires the ship is known as ‘Charter’. The charter becomes responsible to the third parties for the acts of the master and crew of the ship.

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Chapter 14: Transportation - Exercises [Page 138]

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Samacheer Kalvi Commerce [English] Class 11 TN Board
Chapter 14 Transportation
Exercises | Q III. 2. | Page 138
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