Main terms
Meaning
Main terms are the key commercial points of a fixture (ship, cargo, ports, dates, rate, demurrage and the CP form) agreed before the details.
Main terms explained
Negotiations usually agree main terms first, then move to details, the rider and any amendments to the form. A fixture is often described as “fixed on main terms, subject details”.
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.
Firm offer
A firm offer is a binding offer open for acceptance for a set time; if the other side accepts in time and without changes, the deal is made.
Subjects
Subjects are conditions attached to an otherwise agreed fixture, such as charterer's approval or vetting, that must be lifted before it is binding.