Time Charter Party Law and Legal Definition

A time charter party is a contract whereby the lessor places a fully equipped and manned ship at the disposal of the lessee for a period of time for a consideration called hire. The lessor may be the ship owner or demise charterer and the time charterer will be the lessee. The hire is payable at specified intervals during the term of the charter. On the other hand, a “time charter for a trip” is a time charter for a particular voyage or voyages. In such a case, the lessor places the fully equipped and manned ship with the lessee till the completion of the voyage. In such charter, hire is paid at periodic intervals.