Recap
Meaning
A recap is the broker's written summary of every term agreed in a fixture negotiation, which becomes the core of the charter party.
Also written as Fixture recap, Main terms recap
Recap explained
Once terms are agreed, the broker circulates a recap setting out the ship, cargo, ports, laycan, freight, demurrage, laytime, the charter party form and every amendment. Both sides check it carefully, because the recap usually takes precedence over the riders and the printed form.
A good recap is explicit about who pays for what: ETS costs, war risk premiums, canal dues and extra insurance are classic gaps.
Related terms
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.
Charter party
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.
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.
Main terms
Main terms are the key commercial points of a fixture (ship, cargo, ports, dates, rate, demurrage and the CP form) agreed before the details.