Nautical Term: CHOPT
Definition of CHOPT
The Charterers Option, also known as a Charterers’ Right to Choose, is a clause in a charter party that grants the charterers the flexibility to select among multiple suppliers or sources for the provision of cargo or other supplies to the vessel.
For instance, in a time charter agreement, the charterers might have the option to choose the cargo to be loaded onto the vessel. This clause can provide significant benefits for charterers, particularly in markets where cargo availability and quality may vary significantly.
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