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The act is commonly known as bareboating or bareboat charter. There are legal differences between a bareboat charter and other types of charter arrangements, commonly called time or voyage charters. In a voyage or time charter, the charterer charters the ship or part of it for a particular voyage or for a set period of time.
In a demise (or bareboat) charter, the charterer takes responsibility for the crewing and maintenance of the ship during the time of the charter. S/he assumes the legal responsibilities of the owner, and is known as a disponent owner. [citation needed] In a time charter, the vessel is hired for a specific amount of time. The shipowner manages ...
A demise charter, or bareboat charter, is an arrangement for the hiring of a vessel for which no administration or technical maintenance is included as part of the agreement. The charterer obtains possession and full control of the vessel, along with the legal and financial responsibilities for it.
The bareboat charter market was established first in 1967 in Tortola by Jack Von Ost, [3] founder of Caribbean Sailing Yachts, who conceived the idea of a fleet made up of similar boats, with a standard for maintenance and equipment and boats especially designed for charter and not private use.
Several factors determine the cost of a charter, including the size of the yacht, its age, its pedigree, the number of crew, time of sailing (whether it is high season or not), and the destination. The worldwide range of charter prices (per person per week) is estimated to be from $1000 up to and in excess of $20,000.
They use four types of contractual arrangements: the voyage charter, the contract of affreightment, the time charter and the bareboat charter. Shipowners contract to carry cargo for an agreed price per tonne while the charter market hires out ships for a certain period.
Affreightment (from freight) is a legal term relating to shipping.. A contract of affreightment is a contract between a ship-owner and a charterer, in which the ship-owner agrees to carry goods for the charterer in the ship, or to give the charterer the use of the whole or part of the ship's cargo-carrying space for the carriage of goods on a specified voyage or voyages or for a specified time.
In a time charter, the owner provides a vessel that is fully crewed and equipped. The owner provides the crew, but the crew takes orders from the charterer. The owner is also responsible for insuring the vessel, repairs the vessel may need, engine parts and food for the ship's personnel. The charterer is responsible for everything else.