Answer : A charter party is the contract between the owner of a vessel and the charterer for the use of a vessel. The charterer takes over the vessel for either a certain amount of time (a time charter) or for a certain point-to-point voyage (a voyage charter), giving rise to these two main types of charter agreement. There is a subtype of time charter called the demise or bareboat charter.
In a time charter, the vessel is hired for a specific amount of time. The owner still manages the vessel but the charterer gives orders for the employment of the vessel, and may sub-charter the vessel on a time charter or voyage charter basis.
3 Write short notes on:
v Interaction between shippers and conference
Answer : The most common way for a conference, or carrier, to bind shippers is through use of a service contract. In the United States trades various reports indicate over ninety percent of all general cargoes move under service contract. In some markets (although not those involving U.S. ports) a system of deferred rebates is used with the shipper always having money due him on deposit with the conference.
v Air cargo documentation
Answer : The most important document in air cargo transportation is the transportation contract, or air waybill (AWB). A cargo agent or airline draws up the contract by issuing an air waybill, the form of which is approved by the International Air Transport Association (IATA). Instructions given by the shipper, and air transportation
v Container railway in India
Answer : Indian Railway’s strategic initiative to containerize cargo transport put India on the intermodal freight transport map for the first time in 1966. Given India’s size (almost 3,000 kilometres (1,900 mi) from North to South and East to West), rail transport is often a cheaper option for all cargo over medium and long distances, especially if the cost of inter-modal transfers can be reduced. Seeing that containerized
v Freight forwarders
Answer : A freight forwarder, forwarder, or forwarding agent, also known as a non-vessel operating common carrier (NVOCC), is a person or company that organizes shipments for individuals or corporations to get goods from the manufacturer or producer to a market, customer or final point of distribution.[1] Forwarders contract with a carrier to move the goods. A forwarder does not move the goods but acts as an expert in supply
4 What is payment? Explain the different methods of payment
Answer : Different Modes or Types of Payment ↓
The payment can be made in many different ways like by giving Cash, doing Telegraphic Transfer or Mail Transfer, via Money Order or Postal Order, Bill of Exchange, Promissory Note, Cheque, Bank Draft, etc.
