The current thesis analyses the structure and the use Charter Parties have in the shipping industry. Focusing in the dry bulk shipping market, GENCON94 (Voyage) and NYPE93, NYPE15 (Time Charter) are under investigation and scrutiny. After the analysis of the clauses in both forms of charter, weak points were located that leave exposed the counter-parties in cases of claims. By studying real cases of the market, as well as by various interviews with shipping professionals we came to the conclusion that Charter Parties need modernization, especially when based in the GENCON94 CP. However, through the analysis it was observed that the adhesion to older forms of Charter Parties is a consequence of the members of the shipping markets that usually do not accept easily the changes on these kinds of contracts.