A charter party is an agreement between two parties regarding lease of a cargo or a vessel. One party offers to lease its vessel or cargo to another party at stipulated rate or under decided conditions. It is a legal contract, made under the laws governing the shipping world between a cargo vessel owner and a charterer. It includes, (i). name & tonnage of the vessel, (ii). name of the captain, (iii). name of letter to the freight & freighter, (iv). Place & time agreed upon for loading & discharge, (v). price of the freight, (vi). demurrage or indemnity in case of delay, and (vii). such other conditions as the parties may agree upon.