Depending on the type of vessel and the type of charter, a standard contract form, designated as a party to the charter, is used to record the exact rate, duration and conditions agreed between the owner and the charterer. If, for whatever reason, the charterer cannot begin chartering, he is free to find, with the owner`s consent, a person who assumes his rights and obligations. If the charterer is not replaced, the owner retains: 30% of the charter fee if the charter is cancelled at least two months before the start of the charter period; 50% of the charter fee if the charter is cancelled no later than four weeks before the start of the charter period; 100% of the charter fee if the charter is cancelled less than four weeks before the start of the charter period. Ship diversion equipment from the equipment list or inventory does not give the tenant the right to reduce the price if the vessel is all essential elements of the equipment for safety and navigation. Users are advised to carefully examine the vessel and follow all rules. The tenant agrees not to operate the vessel under the influence of alcohol or drugs. Claims arising from the chartering of a vessel must be sent in writing to the owner no later than 14 days after the charter expiry date. The owner only recognizes claims filed in writing and signed by the charterer and the owner when the vessel is re-delivered. Compensation rights are limited to the maximum amount of the contractual charter price. All other claims are excluded. In some cases, a charterer may own cargo and use a boat broker to find a ship to deliver the load at a certain price, called freight rate. Freight rates can be expressed on a specific link (for example. B for iron ore between Brazil and China), in world points (for oil tankers) or, alternatively, on a total amount, normally in U.S.
dollars, per day for the agreed duration of the charter.