Laytime
In maritime context, laytime refers to the specific amount of time agreed upon between the parties involved in a voyage charter for the process of loading and unloading the cargo. It is a crucial aspect of maritime contracts, as it determines the time allocated to the charterer to load and/or discharge the cargo without having to pay additional charges to the shipowner. The laytime starts when the ship is an arrived ship, meaning it is ready for cargo operations at the designated port. If the cargo operations exceed the agreed laytime, the charterer is usually liable to pay demurrage to the shipowner for the extra time used. Conversely, if the cargo operations are completed within a shorter period than the agreed laytime, the shipowner may have to pay despatch to the charterer. The calculation of laytime can be complex and is often subject to various factors such as the type of cargo, the size of the vessel, and the operational capabilities of the port.
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