Lecture 4 Flashcards
What is Freight?
The fee paid by the charterer to the owner for performing a voyage. Usually earned upon delivery of the cargo.
What are Lump Freight and Measured Freight?
Lump Freight: Fixed amount for a voyage.
Measured Freight: Calculated based on weight or volume of goods loaded.
What is Laytime?
The time allowed for loading and discharging cargo.
What is Demurrage?
Compensation paid to the owner if laytime is exceeded.
What is a Notice of Readiness (NOR)?
A formal notification from the master that the vessel is ready to load or discharge cargo.
What is Lien under a C/P?
The right of a creditor to detain goods until a debt is paid.
What is Hire in a Time C/P?
The fee paid by the charterer for the use of the vessel, usually payable in advance.
What is Off-Hire in a Time C/P?
A contractual clause allowing the charterer to stop paying hire if the vessel is not available for service.
