Exam Question

### (a) Definition and Types of a Charter Party (6 Marks)
**Definition:**
A Charter Party is a legally binding contract entered into by a shipowner (or a disponent owner) and a charterer, governing the hire of a ship for the carriage of cargo. It is the primary document that defines the commercial relationship, allocating responsibilities, risks, and costs between the parties. It is fundamentally a contract for the use of the vessel's space or for the vessel itself over a period of time, distinct from a Bill of Lading which serves as a receipt for goods and evidence of a contract of carriage.
**Types of Charter Parties:**