The course looks at the complex business of time chartering, where shipowners give the charterers substantial control over the commercial operation of the vessel in exchange for the regular payment of hire.
Time chartering is a complex business. The shipowners give the time charterers substantial control over the commercial operation of the vessel in exchange for the regular payment of hire.
Under time charter, shipowners rely heavily on the financial standing of the charterers both in relation to the payment of hire and in relation to the indemnity, which the charterers have promised should the shipowners suffer any costs, damage, losses or liability as a result of carrying out the charterers’ orders. Similarly, the charterers rely heavily on the shipowners’ ability to provide them with the agreed service throughout the charter period as they will be entering into sub-contracts with third parties in reliance on such ability.
The aim of this course is to highlight the various problem areas and to consider ways in which parties attempt to allocate risk and so provide you with a balanced understanding of the relevant legal principles and practice.
The course will cover the following key topics:
- The inter-relationship between contracts
- Time charter duration
- Payment of hire
- Off-hire clauses
- Performance claims
- The charterers’ duties
- The shipowners’ duties
- Frustration of time charter parties
- The paramount clauses
- Letters of indemnity, and
To learn more about the topics covered click on the course programme above.