There are four main methods for chartering a tramp boat – charter, on-time charter, cash charter and “flat-rate contract.” Travel chartering is the most common. Under this method, a vessel is chartered for a one-shot voyage between specified ports with a cargo determined at a negotiated freight rate. On a timely charter, the charterer leases the vessel for a specified period of time, for a specified round trip or occasionally for a one-way trip indicated, the rental rate being expressed in the form of such a quantity per tonne of net weight per month. While on a travel charter, the owner bears all the costs of the trip (subject to the agreement on loading and unloading costs), the charterer currently bears the costs of the bunkers and shops consumed. With the exception of those that can reasonably be expected to be commercially available if and how this is necessary on economically reasonable terms, the services to be provided, the equipment to be provided, the equipment to be provided, and the interests of U.S. vessels and other rights granted in accordance with the time charter agreements include all the agreements that LLTC needs to ensure the viability of U.S. vessels in accordance with the time charter agreements. To the knowledge of the partnership parties, the charter parties hold the government licences that must be obtained in accordance with the provisions of the charter agreements or reasonably expect to have government licences in ordinary cases that are the responsibility of the charter parties. There are no material authorizations, services, equipment or rights that LLTC needs to use the cargo capacity of U.S. vessels in accordance with existing legislation or other equipment contracts that are not available under charter agreements. The charterer`s liability insurance coverage coverage may vary depending on the type of charter and the additional inclusions or exclusions agreed before the purchase of the insurance.
Charter liability insurance is a kind of insurance designed to protect shipping companies from certain risks or obligations.  This may include fines and violations of the law, damage to cargo or ship, and personal injury, including and to death. On cash chartering, which is less used in the usual business practice, the owner delivers it to the charterer for the agreed period, without crew, business, insurance or other provisions.