Exam (elaborations)
BROKERAGE AND CHARTING FINAL EXAM REVIEW QUESTIONS AND ANSWERS
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BROKERAGE AND CHARTING FINAL EXAM REVIEW QUESTIONS AND ANSWERS
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Name: Score:58 Multiple choice questions
Term 1 of 58
WEATHER WORKING DAYS
A "weather working day" has the same meaning as "working day"
A "weather working day" is a day dedicated to studying meteorology
A "weather working day" refers to a day off due to nice weather
A "weather working day" means working remotely from a different climate zone
Term 2 of 58
What is "HIRE" ?
A term for decorating a ship's exterior
The money the Charterer pays the Shipowner for use of the vessel. Applies to Bareboat
or Time Charter agreement
A type of fishing net used on ships
A traditional ship dance performed by sailors
Term 3 of 58
What exactly does the term "Chartering" mean?
A type of party held on a ship
When someone who needs a ship or space on a ship contracts with a Shipowner for the
space
The act of drawing a map of a ship's route
A method of ship construction
,Term 4 of 58
What is the contract called that governs the Chartering relationship?
If A Ship Is Out Of Class
Freight And Demurrage
A Charter Party
In A Voyage Charter, The Charterer Must Be Ready To Either Start Loading Or
Discharging Operations When The Vessel Is Properly Tendered, By The Owner
Term 5 of 58
How did the early Charterers and ship owners ensure that the validity of the agreements ie
make sure the contract was real?
To execute the contract two times on one piece of paper- then tear it into two irregular
portions... that way two portions fit together
Charterers and ship owners signed the contract in invisible ink.
The contract was validated by a secret handshake.
They exchanged rings to seal the agreement.
Term 6 of 58
FILO
The charterer is the party that requires the service of the vessel.
Full liner terms (i pay everything)
Sundays and holidays excluded do not count as laytime
Free in liner out (Owner pays out, charter pays in loaded ship)
,Term 7 of 58
Maritime lien clause
Determines the ship's route
Ensures passenger safety on board
Regulates the crew's working hours
Shipowners may need to put a lien on cargo for unpaid charges - freight, deadfreight,
demurrage
Term 8 of 58
Can the tendered NOR be electronic or in writing?
written consent
open listing
in writing
under signature
Term 9 of 58
Exception clauses
Opportunity to renegotiate charter
Charter parties usually contain clauses which exempt the Owners and/or Charterers
from liabilities. Usually loss of cargo or damage to cargo
Compensation for higher bunker prices
In a voyage charter, the Charterer must be ready to either start loading or discharging
operations when the vessel is properly tendered, by the Owner
, Term 10 of 58
Currency clause
compensation for higher bunker prices
compensation for exchange rate fluctuation
compensation for higher bunker prices
opportunity to renegotiate charter
Term 11 of 58
Time Charter
the amount of money agreed upon in the charter party to be paid to the vessel owner
when the time used for loading and/or discharging exceeds the agreed/bargained time.
The vessel's cargo carrying capacity for a designated period of time
The charterer contracts only for the service of the vessel NOT the vessel itself
The money the Charterer pays the Shipowner for use of the vessel. Applies to Bareboat
or Time Charter agreement
Indication, Offer, Counter offer, and Acceptance
Term 12 of 58
"Can"
the amount of money agreed upon in the charter party to be paid to the vessel owner
when the time used for loading and/or discharging exceeds the agreed/bargained time.
Arrival pilot station (at new port)
APS delivery because that means they only start paying hire at the load port (ie arrival
pilot station).
A freight or hire idea expressed by the owner, it gives the charterer an idea of the
owner's position, not legally binding
If the vessel has not arrived at the loading port or place of delivery, on the canceling
day, most charter parties give the Charterer the absolute right to cancel the charter
agreement.
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