A dry hire agreement, also known as a bareboat charter, is a legal contract that grants a lessee (the party renting the vessel) temporary possession and use of a vessel, without any crew or provisions. This means that the lessee assumes complete responsibility for operating, maintaining, and repairing the vessel during the term of the agreement.
Dry hire agreements are common in the maritime industry, where they are used to lease everything from small boats to large ships. They are also used in the entertainment industry, where they are used to rent out venues and equipment for events.
One of the key benefits of a dry hire agreement is that it allows the lessee to have complete control over the vessel or venue. This means that they can use it for their own purposes, without any interference from the owner or crew. It also means that they can save money on crew costs, as they are responsible for providing their own crew.
However, with this increased control comes increased responsibility. The lessee must ensure that they have the appropriate licenses and certifications to operate the vessel, and they must also have adequate insurance to cover any damages that may occur during the term of the agreement. They are also responsible for any maintenance and repairs that may be necessary during the term of the agreement.
Another important aspect of a dry hire agreement is the payment terms. The lessee will typically be required to pay a deposit upfront, and then make periodic payments throughout the term of the agreement. The total cost of the lease will depend on a number of factors, including the size and type of vessel, the duration of the lease, and any additional services or equipment that may be required.
In summary, a dry hire agreement is a legal contract that grants temporary possession and use of a vessel or venue, without any crew or provisions. While it offers increased control and flexibility to the lessee, it also comes with increased responsibility and cost. Therefore, it is important for both parties to carefully review and negotiate the terms of the agreement before signing.