Free time. This expression is used in relation to a voyage charter and laytime and refers to the time used by the charterer to load or discharge the cargo before laytime has commenced according to the terms of the charterparty:

Flat rate. A vessel may be chartered for shipment of various kinds of cargo, the specific nature of which is not known at the time of the fixture, or it may have to load for several ports within a certain range, out of which one port will be selected as the final port of discharge. In such cases the agreed freight rate is a "flat rate". An example of reported fixture on a "flat rate" could read:

Free of capture and seizure clause. Under the Institute Time Clauses (Hulls) 1983 “War Exclusion Clause” a vessel is not covered against the consequences of hostilities or warlike operations whether there be a declaration of war or not. The complete clause reads as follows:

First refusal. In negotiating for the fixture of a vessel a shipowner's shipbroker may attempt to obtain a FIRM OFFER from the charterer or the charterer's agents within a stated time limit.

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