A charterer is a person or entity that enters into a charter agreement to lease or hire a vessel, aircraft, or other means of transportation for a specified period of time. The charterer is responsible for paying the agreed-upon charter fees and complying with the terms and conditions of the charter agreement. The charterer does not own the chartered asset but has the right to use it for the agreed-upon period.
A charterer is a person or entity that hires or leases a vessel, aircraft, or other means of transportation for a specific period of time.
The responsibilities of a charterer include paying the agreed-upon charter fees, ensuring the vessel or aircraft is used in accordance with the terms of the charter agreement, and complying with all applicable laws and regulations.
In most cases, a charterer can sub-charter the vessel or aircraft to another party, but this is subject to the terms of the original charter agreement and any applicable laws or restrictions.
If a charterer breaches the terms of the charter agreement, the owner of the vessel or aircraft may have legal remedies available, such as terminating the charter agreement, seeking damages, or pursuing other appropriate legal action.
Yes, a charterer can be held liable for damages caused by the vessel or aircraft during the charter period, depending on the circumstances and the terms of the charter agreement.
In general, a charterer cannot terminate the charter agreement early unless there is a provision in the agreement allowing for early termination or if both parties mutually agree to terminate the charter.
A charterer can request modifications to the vessel or aircraft during the charter period, but any modifications must be agreed upon by both parties and may be subject to additional costs or conditions.
A charterer should have appropriate insurance coverage to protect against liabilities arising from the use of the vessel or aircraft, including liability insurance, hull insurance, and any other coverage required by the charter agreement or applicable laws.
In general, the owner of the vessel or aircraft is responsible for the actions of the crew or pilot. However, depending on the circumstances and the terms of the charter agreement, a charterer may have certain responsibilities or liabilities related to the crew or pilot during the charter period.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 4th April 2024.
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