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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

POSCO Production at Indiana Ports to start in 2017

Officials from POSCO, the Ports of Indiana and community leaders gathered to break ground today on POSCO's new wire rod processing center at the Port of Indiana-Jeffersonville.

Ferry Conference: Technology Drives Vessel Advancements

On June 2-3, 2016,  the Ferry Safety and Technology Conference will be held in downtown Manhattan.   Throughout the world, the quickening pace of technological

Korean Shipbuilders Maintain Top Ranks, Despite Troubles

Korea's 'Big Three' shipbuilders are still the world's three biggest by order backlog, despite their troubled management, according to data from UK-based Clarkson Research Services.

Legal

French Wheat Exports Await Indonesia Approval

French wheat exports to Indonesia are on hold as traders await the approval of a food safety agreement between the two countries, something exporters say is being

Fitch: M&A, Not Alliances to Help Revive Container Shipping

The following statement was released by the rating agency: Mergers and acquisitions, rather than the historically more popular alliances, are inevitable to address

Cosco Pacific Q1 Profit Up

Cosco Pacific Ltd.'s  first-quarter  ended 31 March 2016 net profit rose 31.4% from a year earlier on the back of a one-off gain. Turnover sank 2.27% yearly to US$129 million.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.0766 sec (13 req/sec)