Charter Party Laytime Definitions Updated

MarineLink.com
Wednesday, September 11, 2013

Uncertainties in laytime definitions currently used in charter parties have been addressed in the latest Laytime Definitions of Charter Parties 2013, created by a shipping industry working group consisting of BIMCO, the Baltic Exchange, Comitė Maritime International (CMI) and the Federation of National  Associations of Shipbrokers and Agents  (FONASBA).

The new document sets out statements of meaning of words and phrases commonly used in the context of laytime and reflects contemporary market understanding based on the current state of English law.

Separate meanings have been given to the different formulations of phrases such as “Weather Working” day,  new definitions included covering  “Always Accessible” and “Whether in Port or Not” while a number of other provisions have been updated or clarified.

The move is a significant one as it reinstates the original 1980 concept of definitions and reflects developments in case law and changes in commercial practice.

The definitions were last updated as the Voyage Charter Party Laytime Interpretation Rules (Voylayrules) in 1993.

Chairman of the Working Group, Jean-Pierre Laffaye (BIMCO) said: “These provisions bring much needed clarity to the shipping markets and iron out a good deal of uncertainty. In a tough market, the amount of time a vessel spends unloading or loading cargo is under great scrutiny and it is therefore vital that imprecise laytime definitions and subtleties of interpretation do not provide grounds for expensive legal disputes when an interpretation is tested in the courts.”

The Baltic Exchange will be incorporating the new definitions into its code of conduct, the Baltic Code and definitions are now available for incorporation into charter parties or used as an agreed reference during dispute resolution. They can also be used as an educational resource.

Copies of the Laytime Definitions of Charter Parties 2013 together with explanatory notes are freely available from the chartering section of www.bimco.org
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Canadian Icebreaker Refit Contracts Awarded

The Canadian Government informs it has awarded a $6.5 million contract to Babcock Canada Inc. for critical refit work for Canadian Coast Guard ship 'CCGS Louis S.

Atkins Gain Maersk Oil Engineering Contract

Design, engineering and project management consultancy Atkins, says it has been awarded an engineering support contract covering three of Maersk Oil’s UK assets in the North Sea.

Newport News, ODU Partner for Bachelor's Degree Program

Huntington Ingalls Industries (HII) announced today that apprentices at Newport News Shipbuilding will now have the opportunity to earn a bachelor of science degree

Legal

Mitsui O.S.K. Ship Ready To Leave Chinese Port

Japanese shipping firm Mitsui O.S.K. Lines Ltd said on Thursday that its ship, the "Baosteel Emotion" 226,434 deadweight-tonne ore carrier, is ready to leave

China Court Releases Japanese Ship After Payment

A Chinese court said on Thursday that it has released a ship owned by Japanese shipping firm Mitsui O.S.K. Lines Ltd, which had been seized in a contract dispute, after the Japanese firm paid up.

Mitsui Pays $40 Mln Compensation After Seizure

Japanese shipping firm Mitsui O.S.K. Lines Ltd has paid about 4 billion yen ($39 million) in settlement to China as compensation stemming from a wartime contractual obligation,

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1029 sec (10 req/sec)