Two types of contract for the carriage of goods by sea
There are two types of contract used in the carriage of goods by sea; the charter party contract and the bill of lading contract.
Charter party contract
Charter party is a contract between the ship owner and the charterer with the intention to use the whole vessel, or part of her, for a voyage/s for a period of time. The charter parties are not bound by either the Hague-Visby Rules or the Carriage of Goods by Sea Act 1992. Therefore, the contract depends mostly on supply and demand factors. The three main categories of charter party are the following: the voyage charter party (the vessel is chartered for a specific voyage), the time charter party (the vessel is chartered for a specific period of time) and the charter party by demise (the vessel is leased to the charterer).
Bill of lading contract
Bill of lading is a contract for the carriage of goods. It is a document often used as a receipt of the shipment of the goods. It is also used as evidence to the charter party contract. Finally, a bill of lading indicates the particular vessel on which the goods have been placed, their intended destination, and the terms for transporting the shipment to its final destination. It should be noted that the bill of lading, in contradiction to the charter party contract, is bound by the Hague-Visby Rules and the Carriage of Goods by Sea Act 1992.
Further Reading:
http://www.maritimeknowhow.com/English/Know-How/Chartering/evidence_in_matters_of_affreightment/bill_of_lading_versus_charter_party.html
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