affreightment, contract of
- An agreement where an ocean carrier commits to allocate cargo space on a ship at a specific time and price for an exporter or importer
- The exporter entered into a contract of affreightment with the carrier to transport machinery parts.
- The importer's contract of affreightment specified the date and rate for cargo space.
- The successful transportation of goods was thanks to a well-structured contract of affreightment.