What is contract of affreightment ?

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Contract of Affreightment is the expression usually employed to describe the contract between a ship-owner  and another person called the charterer, by which the ship-owner agrees to carry goods of the charterer in his ship, or  to give to the charterer the use of the whole or part of the cargo-carrying space of the ship for the carriage of his goods on a specified voyage or voyages or for a specified time. The charterer on his part agrees to pay a specified price, called freight, for the carriage of the goods or the use of the ship.

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Generally done for large quantities of Cargo ...Like LNG for 3 yrs from say port X to Port Y

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For Voyage C/P

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An agreement between a charterer on the one hand and a shipowner, disponent owner or carrier on the other hand, for the carriage of a specified (and often large) quantity of named goods between specified places, over a specified (and usually long) period of time, by vessels of a type and size specified by the charterers, but which are nominated by owners.
 
For example, a charterer contracts with a shipowner for the carriage of 900, 000 tonnes of iron ore from named ports in Brazil to named ports in Europe, with shipments of 120, 000 tonnes ( /- 10% at owners option) at intervals of approximately one month. The COA may be based on a standard charterparty as the main COA document, with a number of rider clauses added, or on a main COA document supplemented by separate voyage charterparties relating to each voyage made by nominated vessels under the COA.

Note - Contract of affreightment in the legal sense is often used as a contract of carriage by sea, e. g. a charter agreement or the contract expressed in a bill of lading.