Question 2801 Deck General

The correct answer is B) Charter Party. The charter party is the basic shipping paper that forms a legal agreement between a ship owner and a charterer. It outlines the terms and conditions of the charter, including the vessel's specifications, the duration of the charter, the freight rates, and the responsibilities of both parties. This contractual agreement is central to the charter arrangement between the ship owner and the charterer. The other options are incorrect because: A) Charter Commission refers to the fee paid to a broker for arranging the charter. C) Cargo Declaration is a document that lists the cargo being transported on a vessel. D) Letter of Intent is a preliminary agreement that outlines the intent to enter into a charter party, but is not the final binding contract.