In the shipping business, there are four types of contracts that are commonly used. For this reason, it is necessary to carry out an analysis accompanied by direct practice to obtain maximum benefits. The type of contract chosen must be tailored to the needs and the selection that is most beneficial for both parties, including when the charterer chooses Luxury Private Boat Rentals. These are 5 types of rental systems:

1. Voyage Charter
A vessel charter based on the voyage (voyage charter party) is a contract to transport certain goods on a predetermined voyage or in a series of voyages. As with time-based chartering, the shipowner retains ownership of the ship and employs the captain and crew.

2. Time Charter
A vessel charter based on a period (time charter party) is a contract based on which the captain and crew perform their work for a certain period in return for rental payments. Based on a time charter party, the shipowner retains the ownership rights to the ship and the captain and crew are employed by the shipowner. However, the charterer has the right to determine how the ship will be used as long as the use is still within the limits agreed in the agreement. In a time charter party, the risk of delay lies with the renting party. Vessel charters usually regulate certain events in which the occurrence of one of these events will cause the charter to end, i.e. the charterer is no longer responsible for the charter of the vessel during that period. These incidents include damage to the ship’s engine, insufficient crew, strikes, and others.

3. Bareboat Charter
Ship charter on a demise basis (Bareboat charter party) is a contract to charter a vessel as a chattel. The chartering party becomes the owner of the ship temporarily in all respects (except for the owner of the ship). The captain and crew of the ship are his employees. To determine whether a charter vessel is a demise charter party, it is a matter of interpretation that is determined by reference to the charter terms. Another important indication is whether the master is an employee of the shipowner or the charterer. The party who rents has the right to control the ship.

4. Consecutive Voyage Charter/Contract of Affreightment (COA)
A charter system where the charter of ships for several voyages in succession

5. Liner Charter
Is a charter system based on the route, destination, and wind direction? Liner charters affect what commodities or goods will be transported. In the charter system, this is calculated per container. All costs ranging from capital costs, operational costs, and voyage costs are borne by the shipowner. For example, in sea transportation for passengers from Pelni.

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