The S.S. Slip Knot has been chartered to the Longline Steamship Company. The Longline Steamship Company agrees to pay all expenses and employ and pay the crew. Which type of contract is involved?

Correct Answer: Option B — Bareboat Charter Party

A bareboat or demise charter transfers full possession, control, and operational management of the vessel to the charterer, who assumes all operating expenses, employs the crew, and acts effectively as the owner pro hac vice.