A more thorough explanation:

Definition: Laytime is the amount of time given to the charterer (the person who hires a ship) to load or unload cargo in a voyage charterparty (a contract for the use of a ship for a specific voyage). If the charterer takes more time than the laytime allowed, they have to pay demurrage (compensation for the delay) to the ship owner. If the charterer takes less time, the ship owner may pay dispatch (compensation for the early completion of loading or unloading).

Examples:

• A voyage charterparty states that the laytime for loading cargo is 3 days. If the charterer takes 4 days to load the cargo, they have to pay demurrage to the ship owner for the extra day.
• Another voyage charterparty states that the laytime for unloading cargo is 5 days. If the charterer completes unloading in 4 days, the ship owner may pay dispatch to the charterer for the early completion.

These examples illustrate how laytime works in a voyage charterparty. It is important for both the charterer and the ship owner to keep track of the laytime to avoid any extra costs or missed opportunities for compensation.