Which broker is responsible for making a recap in Time and Demise Charters?

Which broker is responsible for making a recap in Time and Demise Charters?

• A. Charterer's broker
• B. Owner's broker
• C. Ship Broker
• D. Insurance Broker

Answer: (B)

In this area of chartering, the recap is a concise summary of the principal commercial terms that will govern the charter. The broker who represents the shipowner is the one who prepares and presents this recap because they hold the vessel’s interest and are compiling the terms the owner is offering. The owner’s broker ensures the hire rate, duration, laydays, redelivery, demurrage, and other conditions are accurately captured from the owner's perspective and ready for the charterer (and their broker) to review and accept. The charterer’s broker focuses on representing the charterer’s position, not drafting the owner’s summary of terms. An insurance broker handles risk coverage, not charter party terms, and a general “ship broker” role would not traditionally own the formal ownership-driven recap. So the recap is the owner’s broker’s responsibility.

In this area of chartering, the recap is a concise summary of the principal commercial terms that will govern the charter. The broker who represents the shipowner is the one who prepares and presents this recap because they hold the vessel’s interest and are compiling the terms the owner is offering. The owner’s broker ensures the hire rate, duration, laydays, redelivery, demurrage, and other conditions are accurately captured from the owner's perspective and ready for the charterer (and their broker) to review and accept. The charterer’s broker focuses on representing the charterer’s position, not drafting the owner’s summary of terms. An insurance broker handles risk coverage, not charter party terms, and a general “ship broker” role would not traditionally own the formal ownership-driven recap. So the recap is the owner’s broker’s responsibility.