On The Termination Of Time Charter Party

The termination of time charter concerns the interests of both parties to the charter party as well as the sound development of shipping practice. Since the time charter-party is often amended from the standard time charter form and its contents aren't particular and specific which induces many disputes concerning the termination of time charter-party; simultaneously, there are not systemic regulations existing in the related laws; particularly, No uniform understanding has been achieved concerning the concept of termination of contract in China; Some problems still exist in the Maritime Code of P.R. China; which often result in disputes coming out in judicial practice. Referring to British some successful theories and plenty of binding cases in respect of this issue, the author puts forth own opinion concerning the termination of time charter -party and makes some suggestions for legislation in this respect by means of comparative analysis, systematic analysis, case analysis and legal economic analysis.In the first chapter, the author elaborates the primary problems concerning the termination of contract including the meaning, concept, consequences and effects by means of comparative analysis. After that, the author expresses his own view points and position.In the second chapter, the author elaborates the specific problems concerning the termination of time charter-party, and re-recognizes the characteristics and nature of time charter-party. The author has also, on the basis of related principles and theories in respect of termination of contract in British Law as well as the provisions in the Contract Law of China, analyzed the causes resulting in the termination of time charter-party.In the third and fourth chapters, the author analyzes and discusses the essential issues relating to the termination of time charter-party in detail and all-round by means of quoting lots of British judicial precedents in the position of Owners and Charterers individually. The author also emphasizes and clarifies the disputes in the problems such as payment of hire and withdrawal, illegal last voyage, canceling clause etc, and put forth the practical measure on behalf of the Owners.In the fifth chapter, the author studies the theory of frustration of time charter-party in British Law, including its origin, development, principle, and consequence. The author pays special attention to the relations between the ship total loss and delay and the termination of time charter-party and tries to educe the criterion whether or not the time charter-party is frustrated.In the sixth chapter, the author points out the problems existing in the Maritime Code of P.R. China and expresses his advice and suggestion about this issue.Through the study of the problems mentioned above, this article aims at revealing the defects of present legislation on the termination of time charter -party in China, introducing the corresponding provisions and common practice in British and providing some advice and reference for the remedy of our system.