17:01
@jackfrost11770: thats why they sit at 2
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Simple English definitions for legal terms
space charter
Read a random definition: Unincorporated business organization (UBO)
A quick definition of space charter:
A space charter is a document that allows a person or company to rent a part of a ship's capacity, like a specific hold or deck, for a certain period of time. It's like renting a room in a hotel, but instead, you're renting space on a ship. This type of charter is a form of vessel-sharing agreement, which means that multiple people or companies can share the same ship to save money and resources.
A more thorough explanation:
A space charter is a type of charter that involves hiring a part of a vessel's capacity, such as a specific hold or deck, or a specified part of the vessel's carrying capacity. It is a form of vessel-sharing agreement where the charterer rents a specific space on the vessel for a particular purpose.
- A company may charter a space on a cargo ship to transport their goods from one port to another.
- A group of tourists may charter a space on a cruise ship for a specific itinerary or destination.
These examples illustrate how a space charter works. The charterer rents a specific space on the vessel for a particular purpose, and the shipowner continues to manage and control the vessel. The charterer bears the expenses related to their function and any damage they cause.