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LSDefine

Simple English definitions for legal terms

lay system

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A quick definition of lay system:

A lay system is a way of dividing the profits from a fishing trip among the crew members. After the fish are sold, the costs are paid and the shipowner is compensated, the remaining money is split up based on percentages that were agreed upon beforehand. This ensures that everyone on the crew gets a fair share of the profits.

A more thorough explanation:

Definition: The lay system is a method used in maritime law where the catch of a fishing vessel is sold either by contract or at an auction. After the costs are paid and the shipowner is compensated, the remaining profits are divided among the crew members based on agreed-upon percentages.

Example: A fishing vessel catches 1000 pounds of fish, which are sold for $10,000. The costs of fuel, equipment, and other expenses are $3000. The shipowner is compensated $2000 for the use of the vessel. The remaining $5000 is divided among the crew members based on the agreed-upon percentages.

The lay system ensures that the crew members are fairly compensated for their work and incentivizes them to work harder to catch more fish. It also provides a way for shipowners to share the risks and rewards of fishing with their crew members.

layperson | lay tenure

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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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