Charter party
C/P or CP
Meaning
A charter party is the contract between shipowner and charterer for the hire of a ship, usually a standard form amended by riders and the fixture recap.
Also written as CP, C/P, Charter-party
Charter party explained
Tanker charter parties are almost always built from a standard form, such as ASBATANKVOY, Shellvoy 6, BPVOY4 or BIMCO's forms, then amended by the charterer's or owner's rider clauses and the specific terms agreed in the recap.
When terms conflict, the usual order of precedence is the recap first, then the riders, then the printed form. Spelling that out avoids arguments later.
Related terms
Recap
A recap is the broker's written summary of every term agreed in a fixture negotiation, which becomes the core of the charter party.
Rider clauses
Rider clauses are additional clauses attached to a standard charter party form that amend it or add terms the printed form doesn't cover.
ASBATANKVOY
ASBATANKVOY is the most widely used standard voyage charter party form for tankers, published by the Association of Ship Brokers & Agents (USA).
Fixture
A fixture is a concluded charter: the ship has been “fixed” once owner and charterer have agreed all main terms and lifted any subjects.