The vessel goes on hire when she is delivered to charterers.
Owners must deliver the vessel at the agreed place in a fit condition for the employment contemplated. Delivery may be at a named geographical location, e. g. "passing Cape Passero", or at a specified event, e. g. "taking inbound pilot (TIP) New York", or "dropping outward pilot (DOP) Hong Kong". Delivery will be required either "spot" (immediate) or between stated laydays for presentation of the vessel. If the vessel is not presented by the final layday (i. e. the cancelling date), charterers have the option of cancelling the charter, as with a voyage charter. Time charters most often commence with a ballast voyage to a loading port, so that "dropping outward pilot" at the last discharging port is frequently stated in the charter party as the place for delivery. On delivery, an on-hire survey will often be required (see below).
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