The the common law generally gives to the innocent party only remedies in damages for breach of contract, unless said breach is of repudiatory character. Accordingly, the common law does not treat the late payment of hire by the charterers as a breach of sufficient gravity to give the owners a right to rescind the contract, unless the conduct of the charterers show unwillingness or inability to pay or delay in payment amounts to repudiation of the charter.
Read this article in full here: http://www.lawandsea.net/CP_Time/Charterparty_Time_Withdrawal.html
See more articles on carriage of goods by sea and shipping law at http://www.lawandsea.net
Read case law quotes and definitions on http://caselawquotes.net