Nautical Term: CP (or C/P)
Definition of CP (or C/P)
A Charter Party, also referred to as a C/P or a charter agreement, is a legally binding document between the shipowner and the charterer. This document outlines the terms and conditions of the charter, including the duration of the charter, the freight or hire rate, the cargo to be carried, and any special instructions or conditions.
For example, a shipowner and a charterer may enter into a charter party for the carriage of a cargo of wheat from the United States to China. The charter party would outline the terms and conditions of the charter, including the duration of the charter, the freight rate, the cargo to be carried, and any special instructions or conditions.
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