Lay Time Document For Free

Calculate Demurrage: To calculate demurrage, first determine the excess time by subtracting the agreed-upon laytime from the adjusted laytime. Then, multiply the excess time by the demurrage rate specified in the charter party. The demurrage rate is usually quoted in USD per day or per hour.

Laytime calculation is required for determining whether on completion of loading or discharge operations despatch is payable to the charterers or demurrage is due to the owners. Vessel's master should keep a track of Laytime, commencement of laytime, and running, interrupted or expired of laytime.

'Laytime' and 'demurrage' are important terms in a charterparty and carry significant financial implications: 'laytime' refers to the time allowed in a voyage charter for cargo to be loaded on to or unloaded from a vessel; and. 'demurrage' is incurred after the permitted laytime is spent.

There are seven stages in a laytime calculation: Read relevant clauses in the charter party. Obtain Statement of Facts from agent. Determine duration of laytime allowed. Establish time of commencement of laytime. Allow for interruptions to laytime as per the charter party. Establish time of expiry of laytime.

Laydays refers to a period of specified days (e.g. ?Jan 7/16?) during which owners must present the vessel for loading. Laydays should not be confused with laytime, which is the period allowed to the charterers for loading and/or discharging without payment additional to the freight.

Put simply, laytime is the amount of time allowed for loading and discharging of cargo during a voyage charterparty. However, this means not only placing cargo in the vessel but also the stowage/securing/other cargo operations to ensure safety.

Laytime is time allowed to a vessel for loading and discharge of cargo, whereas demurrage is compensation for failure to load or discharge the vessel within laytime.

A laytime is a free time (allotted time) given to the charterer of a vessel for loading or unloading. During the allotted time, the charterer has to load or unload his goods on the available free time written in the charter agreement.