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LSDefine

Simple English definitions for legal terms

laytime

Read a random definition: consolidated laws

A quick definition of laytime:

Term: Laytime

Definition: Laytime is the time given to a ship's charterer to load or unload cargo. If the charterer takes more time than allowed, they must pay demurrage to the ship's owner. If they take less time, the ship's owner may pay dispatch.

Laytime is an important concept in maritime law and helps ensure that cargo is loaded and unloaded efficiently.

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.

lay tenure | LBO

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babycat
16:37
I'm guessing you don't have a sibling named babycat but I hope I still make you marginally happier than normal despite this
JumpySubsequentDolphin
16:38
maybe he has a babycat
babycat
16:38
I think everyone should have a babycat
JumpySubsequentDolphin
16:39
im allergic to baby cats >:(
JumpySubsequentDolphin
16:40
I used to have a babycat, I only got allergies after he died
JumpySubsequentDolphin
16:40
I think he’s haunting me
babycat
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:(
babycat
16:40
that's too bad
babycat
16:40
you still have me though <3
@babycat: you make my day marginally happier with your scathing wit
16:43
New Father John Misty album out today
16:44
People saying it’s his best yet by far
babycat
16:45
what would I do without you renard99
awww ty wasp :)
i have 4 (baby) cats!
16:46
Damn you know her sarcasm is meant to be scathing when she calls me by my full username and not just Renard
JumpySubsequentDolphin
16:47
@jackfrost11770: FOUR?!??
16:48
I’m only teasing Babycat ily I’ll be seeing you in [REDACTED] very very soon
YES
and they're all rescues from breeders so they're all long haired persians .... w flat faces ....
they're all runts cause breeders just ... dispose of them (:(((() so they're all super tiny
literal babies
babycat
16:49
ily2 renard99
initiallaw
16:49
omg so cute
JumpySubsequentDolphin
16:51
@jackfrost11770: IM SO JEALOUS
2big2fail
16:52
perhaps peggerdine this evening
2big2fail
16:52
but then again, perhaps not
JumpySubsequentDolphin
16:53
damn no ucla wave
16:56
Hey guys! chance me 340/340GRE- 2 years work experience at PIL and wrote compelling statements. but my masters gpa is kinda 3.1 because I was domestically abused. :p
babycat
16:59
schools mostly care about your undergrad GPA
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