A Charter Agreement is a fundamental maritime contract used when a party (charterer) wishes to hire a vessel from its owner for a specific period or voyage. In the Saudi Arabian context, this document must align with the kingdom's maritime regulations, Commercial Court Law, and Sharia principles. The agreement covers crucial aspects such as vessel specifications, hire rates, operational parameters, and compliance requirements specific to Saudi waters. It's particularly important to note that the Charter Agreement must incorporate local maritime authority requirements, Saudi Ports Authority regulations, and where applicable, Islamic finance principles. The document serves as the primary reference for all parties involved in the vessel charter arrangement, establishing their rights, obligations, and remedies under Saudi law.
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1. Parties: Identification of the vessel owner/disponent owner and charterer, including full legal names and addresses
2. Background: Context of the charter arrangement and brief description of the vessel
3. Definitions: Definitions of key terms used throughout the agreement, including technical and commercial terms
4. Vessel Details and Warranties: Detailed description of the vessel, its classification, and owner's warranties
5. Charter Period: Duration of the charter, including delivery and redelivery terms
6. Charter Hire and Payment Terms: Hire rate, payment schedule, and currency specifications compliant with Islamic finance principles
7. Delivery and Redelivery: Conditions and requirements for vessel delivery and redelivery
8. Trading Limits and Cargo Restrictions: Permitted trading areas and cargo types
9. Vessel Operations and Performance: Operational requirements, speed, and consumption warranties
10. Bunkers and Lubricants: Provisions regarding fuel and lubricants management
11. Insurance and Indemnities: Required insurance coverage and indemnification obligations
12. Maintenance and Repairs: Responsibilities for vessel maintenance and repair
13. Force Majeure: Events constituting force majeure and consequences
14. Termination: Grounds for termination and consequences
15. Governing Law and Dispute Resolution: Saudi law as governing law and dispute resolution mechanisms
16. Notices: Communication procedures and contact details
17. General Provisions: Standard boilerplate clauses including compliance with Saudi regulations
1. Islamic Finance Compliance: Specific provisions ensuring compliance with Islamic finance principles - required when charter involves Islamic financing
2. Sanctions Compliance: Detailed sanctions compliance provisions - required for international trade
3. Environmental Protection: Additional environmental protection measures - required for specific cargo types or sensitive areas
4. Local Agent Requirements: Provisions regarding local agents - required when operating in specific Saudi ports
5. Crew Requirements: Specific crew nationality or qualification requirements - required for certain types of operations
6. Off-hire Surveys: Detailed survey requirements - required for longer-term charters
7. Performance Reviews: Periodic performance review mechanisms - recommended for long-term charters
1. Schedule 1 - Vessel Specifications: Detailed technical specifications of the vessel
2. Schedule 2 - Charter Hire Calculations: Detailed breakdown of hire calculations and payment terms
3. Schedule 3 - Vessel Drawings and Plans: Key vessel drawings and plans
4. Schedule 4 - Delivery and Redelivery Inspection Protocol: Detailed procedures for vessel inspections
5. Schedule 5 - Bunker Specifications: Required specifications for bunkers and lubricants
6. Schedule 6 - Insurance Requirements: Detailed insurance requirements and coverage limits
7. Appendix A - Form of Hire Statement: Template for hire statements
8. Appendix B - Form of Notice of Readiness: Standard form for Notice of Readiness
9. Appendix C - Contact Details: Detailed contact information for all parties
Relevant legal definitions
Clauses
Relevant Industries
Maritime Transport
Oil & Gas
Shipping & Logistics
International Trade
Marine Services
Port Operations
Commodity Trading
Energy
Mining
Construction Materials
Agricultural Products
Chemical Transportation
Relevant Teams
Legal
Maritime Operations
Commercial
Finance
Risk & Compliance
Technical
Insurance
Charter Operations
Contract Administration
Marine Engineering
Vessel Management
Relevant Roles
Maritime Operations Manager
Chartering Manager
Legal Counsel
Commercial Director
Ship Manager
Port Captain
Fleet Manager
Risk Manager
Contract Administrator
Compliance Officer
Chief Financial Officer
Technical Superintendent
Marine Superintendent
Vessel Operator
Insurance Manager
Operations Director
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