chartering abbreviations terms & definitions

CHARTERING ABBREVIATIONS TERMS & DEFINITIONS

We have compiled a list of some of the most frequently used abbreviations and definitions that you may come across. Frequently, parties to a contract are unaware of the different trading practices in their respective countries. This can give rise to costly misunderstandings and disputes. Sending goods from one country to another, as part of a commercial transaction, can be a risky business at the best of times. If the goods are lost, damaged, or if delivery does not take place for some reason, the climate of confidence between all interested parties may degenerate to the point where a lawsuit or arbitration is contemplated.
If, when drawing up their contract, the buyer and seller specifically refer to one of the Incoterms or Charter Terms, they can be sure of clearly defining their respective responsibilities simply and safely. In so doing them greatly reduce the possibility of misunderstandings and subsequent disputes.
We hope you will find this information both helpful and informative. If you require clarification on any aspect, or have any further questions, please don’t hesitate to contact us.

chartering abbreviations terms & definitions