VOYLAYRULES Get Makeover

Press Release
Thursday, January 10, 2013

The standard charter party laytime definitions known as 'VOYLAYRULES' are being updated to reflect developments in case law & commercial practice.

VOYLAYRULES, which are jointly produced by BIMCO, FONASBA, INTERCARGO and CMI, last published in 1993, provide a set of standard definitions for commonly used charter party laytime terms which can be incorporated in whole or part into charter parties. Their purpose is to help reduce charter party disputes on matters of interpretation of laytime provisions.

The project to update VOYLAYRULES is being carried out by a small drafting team of representatives from each of the sponsoring organisations with the support of the Baltic Exchange (who publish a similar set of charter party definitions in their Baltic Code). It is hoped that the updated definitions will also serve as a useful ready-reference to those new to the industry whose work requires a sound understanding of the meaning of the key laytime provisions found in standard charter parties.

The drafting team meets in London to put the final touches to the new edition which will then be reviewed by BIMCO’s Documentary Committee and considered for adoption and publication.
 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

DryShips Reaches Agreement with Ocean Rig

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc.

Cruise Industry Wins Key Norovirus Judgment

In what is being seen as a landmark decision, Hill Dickinson is the first law firm to have successfully defended a UK class action case involving a Norovirus outbreak onboard a cruise liner.

South China Sea Hotline in the Works

China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the disputed South China Sea, a senior official of

Finance

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

DryShips Reaches Agreement with Ocean Rig

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc.

South China Sea Hotline in the Works

China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the disputed South China Sea, a senior official of

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1963 sec (5 req/sec)