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Arbitration in Chartering
Hiring ship to carry cargo by sea is called chartering, and the hiring contract is called the charter. All the issues like the negotiation stage to the content of documentation itself are cob=vered under the chartering terminology. This can also relate to the issue connected with the periods after the contract is made.
Arbitration is the legal method of solving the disputes being arisen from the contract. Therefore the charting is related to the law and practice of entering into it for the use of the ship.
t must be stated here that one type of “charter” may not be for the purpose of carrying cargo but to establish a form of financial arrangement. This is the “bareboat” or “demise” charter where the ship is leased out or “demised” by the actual owner to a hirer or “demise charterer” and placed under his complete control. These phrases and terminology will be discussed in further detail below. The main objective of this chapter is to explain chattering terms and terminology and to give a reasonable, comprehensive description of clauses and words that may be found in charter parties. Other chapters, such as “Laytime and Timesheets” and “Bills of Lading” will also contain material relevant to chartering but the material will be related especially to those chapters
