The task of the charterer is to find a ship for the cargoes they have from different shippers, and to maximize the space on the boat they want to rent. 1.1 The owner leases the cash charter and the charterer leases the vessel for the charter period for the charter fee. Charterer is the party that chartered the ship (think the simple word « rented »). If the charterer takes longer than expected to load or unload the cargo in use, the shipowner must receive a pre-agreed compensation, called demerit. Similarly, the charterer leased the cargo hold of the vessel as part of the charter. But the master and crew remain under the tutelage of ship owners and managers. 4.6 In the event of significant damage to the vessel during the charter period, which entitles the vessel to insurance, or in the event of a failure of equipment or machinery rendering the vessel unfit or unusable, either a pro-rata credit is granted for the period during which the vessel was not in a fishing or unusable state, or (if the charterer chooses it and the subsequent charter authorization) in which the vessel was insurmountable or unusable , or (if the charterer chooses it and is forced incapacity, provided that neither the charterer nor a member of its party has caused or contributed to the damage or breakdown, and the owner is not entitled to further compensation for damages or deviants in relation to consequential or financial damages or other means. , unless damage or failure is caused by the owner`s negligence and results in death or assault. (Engine failure in an auxiliary yacht is not considered unfit for the vessel under this agreement). Charter is the document that is reviewed and interpreted by a court in the event of a dispute, but in practice most disputes are subject to arbitration. Among the most important clauses in each part of the charter are those that set the number of days allowed for loading or unloading and those that determine who should bear the associated costs. See also the bill of lading, account of. In some cases, a charterer may own cargo and use a boat broker to find a ship to deliver the load at a certain price, called freight rate.