(1) A time charter contract obliges the owner to let a certain sea-going ship and its company to the time charterer, for their use, for a certain period of time, and to carry goods or passengers on this ship or to render other services as may have been agreed.
(2) The time charterer is under obligation to pay the hire agreed.
(3) The provisions of the present Subchapter apply if the time charterer concludes the time charter contract for purposes of operating the ship to pursue marine navigation as a gainful economic activity. If the time charterer does not carry on a trade in the sense as defined by section 1 (2), and if the time charterer’s business name has not been entered in the Commercial Register pursuant to section 2, then the provisions set out in Chapter 1 of Book 4 are to be applied as a subsidiary source of law to the time charter contract; this does not apply to the provisions under sections 348 through 350, however.