Terms

Question 1

Notice of Rediness

Answer 1

Document used by shipmaster to notify his ships readiness, in every respect, to load and or unload the goods during a period of his charter

NOR triggers commencement of Laytime

Question 2

Laytime

Answer 2

Refers to time allowed to the charterers to load/discharge cargo in return for payment of freight to the owners

Question 3

Contents of NOR

Answer 3

The vessel has arrived at a specific destination where the notice of readiness can be given.
Depends on terms of contract.
WIBON whether in berth or not
WIPON Whether in port or not
The vessel is ready to load or discharge
Any other requirements under charter party

Question 4

Hague Visby Rules

Answer 4

International rules for the carriage of goods by sea

Question 5

Bill of Lading

Answer 5

1. Receipt of the goods shipped or in the shipowners custody
2. Evidence that a contract exists
3. A document of title to the goods mentioned

Question 6

Charter Party

Answer 6

A document containing the written terms of a charter agreement between shipowners and charterers

Question 7

Bareboat Charter

Answer 7

Charterer takes effective control of the ship and employs his own crew. Shipowner only pays insurance and drydock

Question 8

Voyage charter party

Answer 8

Charterers just pays freight

Question 9

Time charter party

Answer 9

Charter charters ship for an agreed period of time and an agreed daily cost. Pays fuel, port costs, loading/discharging costs. Shipowner provides crew and pays maintenance

Question 10

Safe port / berth

Answer 10

During the relevant period of time, the ship can arrive, remain and leave. Without, in the absence of some abnormal occurence, being exposed to danger which cannot be avoided by good navigation and seamanship

Question 11

Cancelling date

Answer 11

Charter party will specify the date the ship must be on the loading berth and in all respects ready to load. Failure to meet that date regardless of cause will allow the charterer to repudiate (refuse)

Question 12

Demurrage

Answer 12

When loading or discharging is not competed within the specified laytime period. Charter party states rate of demurrage and number of days allowed.

Question 13

Despatch

Answer 13

If ship is loaded/ discharged before laytime expires, shipowner will pay charterer despatch. Usually half demurrage rate

Question 14

Clean bill of lading

Answer 14

No superimposed clauses expressely declaring a defective condition of goods or packaging

Question 15

Sea Waybill

Answer 15

Same as Bill of lading but not a document of title to goods. No sale of cargo allowed during transit.