The fixture note signed by both parties is essentially a simple chartering contract performed by both parties. After signing the fixture note, the shipowner compiles the formal chartering contract according to the agreed contents, and sends it to the lessee for examination and verification through the chartering agent.Click to see full answer. Moreover, what is a fixture in shipping?Post Fixture – After the contract for the charter of a ship has been agreed. Said of work carried out by a shipowner, charterer or shipbroker, including payment of hire or freight, calculation of despatch or demurrage and the resolution of any disputes.Beside above, what does off hire mean in shipping? In the context of time charter, an off-hire clause provides breathing time to the owner to repair his/her vessel. In other words, an off-hire clause means the owner of the vessel may be allotted a limited time for his/her vessel to be off hire until such time as the vessel may be repaired or dry-docked. Also Know, what is recap in shipping? RECAP The document transmitted when a fixture has been agreed, setting forth all of the negotiated terms and details. This is the operative document until the charter party is drawn up. HIRE Charterer compensates the owner for use of a vessel. “On hire” means the ship is in service as contracted.What is the meaning of time charter?A time charter is the hiring of a vessel for a specific period of time; the owner still manages the vessel but the charterer selects the ports and directs the vessel where to go. The charterer pays for all fuel the vessel consumes, port charges, commissions, and a daily hire to the owner of the vessel.
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