Exam (elaborations)
BROKERAGE AND CHARTERING EXAM 1 QUESTIONS AND ANSWERS
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BROKERAGE AND CHARTERING EXAM 1 QUESTIONS AND ANSWERS
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Name: Score:87 Multiple choice questions
Definition 1 of 87
Most countries have time limits for claim and usually charter parties have such limitations.
Most bill of lading conventions give 1 year as time limit for cargo claims
Time limits for disputes under charter parties should be more than 1 year. English law gives 6
years
Tort Liability Disclaimer
Time Limits
Distance Controls
Time Charter
Definition 2 of 87
when the ship needs to show up
Main Terms
Subjects
NAABSA
Lay Can
Definition 3 of 87
Vessel will be satisfactorily equipped, bunkered, etc., for the intended voyage
Classification societies
In the margin of the form:
Seaworthiness for the intended voyage
The war clause
,Definition 4 of 87
the vertical distance from the vessel's waterline to the highest fixed point on the ship, typically
a signal mast on the top of the bridge
Sternpost
Vessel's Draft
The War Clause
Air Draft
Definition 5 of 87
the vessel's cargo carrying capacity for (a) a designated period of time, or (b) for a described
voyage on a time charter basis (called a time charter trip)
A Charter Broker can be exposed to:
Time Charter
Chartering
Escalation clause
Definition 6 of 87
compensation for exchange rate fluctuation
Governing law clause
Definitions clause
Currency clause
Bunker clause
,Definition 7 of 87
consists primarily of methane withc has a boiling point of -162 deg C
LNG is carried fully refrigerated, in large insulated tanks. It cannot be liquified with pressure
along
The vessels do not typically have refrigeration equipment, so they usually have fairly quick
running speeds. Some newer vessels are being outfitted with refrigration equipment
Seaworthiness For the intended voyage
Oil/bulk/ore
LNG Carriers (liquified natural gas)
Chip carriers
Definition 8 of 87
Free In/Out Stowed, Lashed, Secured and Dunnaged
Filo
Flt H/h
FIOS L/S/D
Who Uses Lay/can
Definition 9 of 87
the Charterer is not obligated to take delivery of the vessel before the beginning of the laycan,
even if the vessel arrives early. Must start under 1st day
Time limits
Bareboat charter
Laytime during time charter
Time Charter
, Definition 10 of 87
to avoid discussion and disputes about what law is applicable, all c/p's should contain a clause
dealing with the applicable law and the method for settling disputes
Arbitration Clause
Choice Of Law Clause
Negotiation
Hardship Clause
Definition 11 of 87
designated period of time
charter is responsible for the physical operations of the vessel
the costs to operate the vessel
Voyage Charter
Charter Party
What Are The Two Groups Of War Clauses:
Bareboat Charter
Definition 12 of 87
Economic developments can have substantial effects on charter party agreements (especially
long term agreements)
In the margin of the form:
Concept of seaworthiness
What are the two groups of war clauses:
Effects of cost variation on the contractual relationship
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