ABSTRACT
The concept of the common carrier means that operator has a standing offer to serve the general public within the limits set by his equipment and area of service. The common carrier operates a scheduled service in a market where regular service is important. The contract used in liner trade is the ocean bill of lading (B/L). In the actual process, banks and marine insurance under-writers become crucial because the B/L is intimately connected with the letter of credit and the insurance certificate. Any contract for the transport of a good is a contract of affreightment, but in shipping the term has a specific contractual meaning. The contracts used in tramp shipping are known as charter parties and contracts of affreightment. It should be noted that these are contracts and that bills of lading, having different functions to perform, are also issued in the tramp market.
