Chapter VII
CHARTERPARTIES

Section 1. GENERAL PROVISIONS

Article 138.-Charterparties
A charterparty is a contract concluded between a shipowner and a charterer, whereby the shipowner transfers the right to use his/her seagoing vessel to the charterer for a specified period of time and for a specified purpose agreed upon in the contract for remuneration paid by the charterer.

Article 139.- Forms of charterparties
1. A charterparty is concluded in the form of time charterparty or bareboat charterparty
2. A charterparty must be made in writing

Article 140.-Subletting of vessels
1. The charterer may sublet the vessel to a third party if there is such agreement in the contract but shall still be obliged to perform the contract concluded with the shipowner.
2. The rights and obligations of the shipowner provided for in this Chapter shall also apply to the charterer who sublets the vessel to a third party.

Article 141.- Principles for application of laws to charterparties
The provisions pertaining to the rights and obligations of the shipowner and the charter in this Chapter shall apply only when the shipowner and the charterer do not otherwise agree.

Article 142.-Statute of limitations for initiation of lawsuits regarding charterparties
The statute of limitations for initiation of lawsuits regarding the charterparty is two years from the date of termination of the charterparty.