Maritime Glossary
Laytime
Also known as: lay time, lay days
The time allowed by the charter party for loading or discharging cargo without incurring demurrage.
Status: ActiveVerified: Source confidence: high (96%)
Full Definition
Laytime commences after the vessel has arrived at the agreed place and a valid NOR has been tendered and accepted. Total allowed time is expressed in hours, days, or as a cargo-quantity rate (e.g., 5,000 MT per weather-working day). Exceeding laytime triggers demurrage; completing under laytime may entitle the charterer to dispatch. Excepted periods for weather, port holidays, and mechanical breakdown suspend laytime counting.
Domain Tags
commercialchartering