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

Legal

China Breaks Ground on South China Sea Lighthouse Project

China hosted a groundbreaking ceremony for the building of two lighthouses in the disputed South China Sea, state media said on Tuesday, a move that is likely to

Taiwan Offers South China Sea Peace Plan

Taiwan proposed a peace initiative on Tuesday to resolve territorial disputes in the South China Sea that it says will reduce tensions that have put Beijing at

EIVA Welcomes New Global Director

The Danish offshore survey solution specialist EIVA a/s has appointed a new global sales director, Jakob Møller Nielsen. He comes from a similar position at SPX Flow Technology,

Finance

Training: Cutting Costs While Remaining Cutting Edge

Businesses are operating in tough economic times, with budgets being significantly cut during the current industry downturn. Unfortunately, when lowering costs is a key priority,

China Breaks Ground on South China Sea Lighthouse Project

China hosted a groundbreaking ceremony for the building of two lighthouses in the disputed South China Sea, state media said on Tuesday, a move that is likely to

Port Kembla Tariff hiked

NSW Ports have advised that from 1 July, there will be 2.38% increase to the Navigation Service Charge (Port Tonnage) and 3% increase to other charges (site occupancy,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators
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: 0.1469 sec (7 req/sec)