Definitions for laytime
lay·time

WiktionaryRate this definition:0.0 / 0 votes

1. laytimenoun

   In commercial shipping, the amount of time specified in a charter party for a vessel's loading and unloading.

WikipediaRate this definition:0.0 / 0 votes

1. Laytime

   In commercial shipping, laytime is the amount of time allowed in a voyage charter for the loading and unloading of cargo.Under a voyage charter or time charter, the shipowner is responsible for operating the vessel, and the master and crew are the employees of the shipowner, not the charterer. However, once the vessel has "arrived" at a port the charterer then assumes responsibility for the loading and unloading of cargo, having a period of laytime in which to carry this out. (Note that the actual loading may be performed by a third-party stevedore). The moment when laytime commences is determined by a Notice of Readiness (or "NOR"), which the master or agent of the ship must give to the port when the ship has arrived at the port of loading or discharge. The charterparty contract determines the precise meaning of "arrival". Usually, "arrival" is when the ship has arrived at the port and is ready in all respects to load or discharge; but it may be, say, when the ship has passed buoy #2 in the approach channel, or once the vessel has pass through lock gates.If the charterer does not comply with the NOR, the carrier may cancel the contract and seek damages. If the charterer's delay means that laytime is exceeded, a predetermined penalty (i.e. liquidated damages) called "demurrage" is incurred. If the whole period of laytime is not needed, a refund called "despatch" may be payable by the shipowner to the charterer. Despatch is normally paid at 50% of the demurrage rate, but this depends on the terms of the charterparty. The ship may thus be able to leave port early. Despatch does not normally apply to tanker charters."Laytime" should not be confused with "Laydays" because "Laydays" is the period within which the Shipowner has to make the vessel "ready" to the Charterer at the place and time agreed in the charter party. "Cancelling Date" is the last day of "Laydays" and acts as a deadline to tender "Notice of Readiness". A ship (vessel) failing to become an "Arrived Ship" by tendering a valid Notice of Readiness, bears the risk of being refused/cancelled by Charterers as per Charter-Party provisions (Please see "Cancellation Clause")

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1. Laytime

   In commercial shipping, laytime is the amount of time allowed in a voyage charter for the loading and unloading of cargo. If the laytime is exceeded, demurrage is incurred. If the whole period of laytime is not needed, despatch may be payable by the shipowner to the charterer, depending on the terms of the charter party. Laytime and laydays are often confused as referring to the same idea. Laydays refers to the time when a ship must present itself to the charterer. If the ship arrives before the laydays specified, the charterer does not have to take control or start loading. If the ship arrives after the laydays, then the contract can be cancelled – hence laydays are often presented as the term Laydays and Cancelling and can be shortened to Laycan. The point when laytime commences is determined by a Notice of Readiness, which the master or agent of the ship must give to the charterer when the ship has arrived at the port of loading or discharge. The NOR informs the charterer that the ship has arrived at the port and is ready in all respects to load or discharge.

Anagrams for laytime »

1. meatily

How to pronounce laytime?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say laytime in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of laytime in Chaldean Numerology is: 1

2. Pythagorean Numerology

   The numerical value of laytime in Pythagorean Numerology is: 4

References

1. ^ Wiktionary
   https://en.wiktionary.org/wiki/Laytime
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Laytime
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=laytime