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In this chapter, the most common type of period charter contract is examined; the time charter. Typical clauses and critical matters are discussed. First, it is emphasised that the description of the vessel is more important, detailed and precise in the time charter than in a voyage charter. Then, the importance of trading limitations is highlighted, combined with an explanation of the “trip time charter” and “ballast bonus” terms. Cargo aspects follow, together with a thorough discussion about the period of the contract, the time, the place and the allocation of costs on vessel’s delivery and redelivery, as well as the vessel’s last voyage and the overlapping/underlapping situations. A subject of considerable importance and dispute is then analysed;hire and off-hire. In addition, the crucial allocation of costs is commented upon, as well as the key position of the master under a time charter. Analysis goes further to deal with cargo liability allocation between owners and charterers, another subject of major confrontation. Finally, the matter of a possible vessel’s damage is addressed. The text is enriched with examples of clauses sourced from standard forms of time charterparties; both dry and tanker. The reader may seek to consult the glossary and the appendix at the end of the book, where necessary.
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