Laytime

Laytime is the period specified in a voyage charter party during which the charterer is permitted to load or discharge cargo at the agreed rate, without incurring additional charges to the shipowner. It is typically expressed in weather working days, running days, or hours, and commences after the master has tendered a valid Notice of Readiness (NOR) and any agreed notice period has elapsed. The charter party defines whether laytime is reversible (combined) or separate for loading and discharging ports. Accurate time-counting is critical: disputes over when laytime commenced, what weather exceptions apply, and what delays are the shipowner's or charterer's fault are among the most common sources of maritime arbitration. Demurrage — a pre-agreed daily rate payable by the charterer for exceeding laytime — is a liquidated damages provision that compensates the shipowner for delay. Dispatch — a payment by the shipowner to the charterer for completing operations early — is less common but incentivises efficiency. BIMCO standard charter party forms such as GENCON and NYPE contain detailed laytime clauses, and case law from the London Maritime Arbitrators Association (LMAA) extensively interprets their provisions.