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Glossary and abbreviations

Shipbroking and Chartering Practice

Page 525 Glossary and abbreviations Glossary and abbreviations Before signing a charterparty, negotiations usually take place quickly which often requires the use of specific terms and abbreviations. This section presents some of the most common terms and abbreviations that may be used during chartering negotiations and when drafting a charterparty. It must be emphasised that the use of the full terms is generally preferable to the abbreviated ones during the exchange of chartering messages, as long as in many cases there is no generally accepted meaning of the abbreviated terms, whilst acronyms can also be capable of more than one interpretation, leading to lack of clear communication and cultivating controversy. The aim of this section is not to define terms, interpret the law or set out a complete framework of chartering and shipbroking termin-ology, as a specialised dictionary or an advanced law book would do. Instead, the intention is to familiarise the reader with the most important wording as used and commonly interpreted in the daily chartering practice. In any case, all parties involved in chartering business should always be sure about the meaning of negotiated or contracted terms. The text below does not concern an exhaustive list of terms and the authors are not responsible for any errors or omissions in the interpretation.

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