COA (Affreightment, Contract of/Contract of Affreightment)
An agreement by an ocean carrier to provide cargo space on a vessel at a specified time and for a specified price to accommodate an exporter or importer.
What is COA(Affreightment, Contract of/Contract of Affreightment)？
Contract of Affreightment is an agreement between a charterer and a shipowner, where the shipowner agrees to transport specific number of goods for the charterer at a specified period.
Under this agreement, the charterer is obligated to pay the freight whether the goods are ready for shipment or not.
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