in Commerce, denotes the instrument of freightage, or articles of agreement for the hire of a vessel.

The charter-party must be in writing, and be signed both by the proprietor or master of the ship, and the merchant who freights it. It must contain the name and burden of the vessel, the names of the master and the freighter, the price or rate of freight, and the time of loading and unloading, and the other conditions agreed on. It is properly a deed, or policy, by which the master or proprietor of the vessel engages to furnish immediately a sound vessel, well equipped, and provided with anchors, sails, cordage, and all other furniture to make the voyage required, in consideration of a certain sum to be paid by the merchant for the freight.

Boyer says the word is derived from this, that per medium charta incidebatur, et sic fiebat charta partita: because in the time when notaries were less common, there was only one instrument made for both parties; and this they cut in two, giving each his portion; but they joined them together at their return, to know if each had done his part. This, he observes, was the practice in his time; agreeably to the method of the Romans, who in their stipulations used to break a staff, each party retaining a moiety thereof as a mark.