Freight

Freight is, etymologically, "that with which a ship is fraught," viz. loaded. The term is, however, generally used of the price paid by the owner of a cargo for its carriage by the ship-owner. The terms of the agreement are stated in the Charterparty or Bill of Lading. Freight is usually not paid until the delivery of goods; but if it has been advanced, it is not recoverable, even though the cargo may have been lost or captured. Till the Merchant Shipping Act of 1854 it was held that the wages of the crew depended upon the freight being earned; and in America this is still the rule, though with important modifications.