ABSTRACT
Standard charterparty contracts invariably reflect the commercial values of international trade and the understanding of legal principles current when they are finalised. As time moves on, it becomes inevitable that amendments are increasingly made to such contracts by utilising 'rider clauses' to accommodate changes in ship operations, legal rules, and the parties' own bargaining strength. The New York Produce Exchange Form Time Charter (NYPE) 1993, like most standard contracts, requires Owners to serve a notice of readiness on Charterers prior to delivery. In time charterparties, regular and punctual payment of hire in advance is fundamental from the perspective of the Owners, as such payments are essential for maintaining the cashflow to cover the running expenses of the chartered vessel. Hull fouling is the result of accumulation of marine growth at the bottom of vessels sitting idle for lengthy periods in places located in warm waters.
