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Laytime can commence under a voyage charterparty requiring service of a notice of readiness when no valid notice of readiness has been served in circumstances where (a) a notice of readiness valid in form is served upon the charterers or receivers as required under the charterparty prior to the arrival of the vessel; (b) the vessel thereafter ...
The payment for the use of the vessel is known as freight. A voyage charter specifies a period, known as laytime, for loading and unloading the cargo. If laytime is exceeded, the charterer must pay demurrage. If laytime is saved, the charter party may require the shipowner to pay despatch to the charterer. [1]
Laytime applies to both liner shipping and tramp shipping. In the oil industry, it refers to the excess time taken to discharge or load, as the case may be, in excess of the allowed laytime. Laytime is the term used to quantify the time allowed within which an operation is allowed to be made.
The Incoterms or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. [1] Incoterms define the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various ...
Statement of Facts (SoF) is a report listing all events during a ship's stay in port in chronological order and is used for the calculation of the lay time [1] [2] and demurrage. The Statement of Facts may aid in the resolution of conflicts by providing transparency and a precise documentation. The Statement of Facts has usually a standardised ...
An alternative term for a net laying ship. boomer Slang term in the US Navy for a ballistic missile submarine. boom crutch A frame in which the boom rests when the sail is not hoisted. boom gallows A raised crossmember that supports a boom when the sail is lowered (and which obviates the need for a topping lift). boomie . Also booms'l rig.
That is a short-term negative, for sure, but it is a long-term negative. We are working -- I'm sorry, it's a long-term positive, sorry. We are working really hard to get the deals right and lay ...
The law of carriage of goods by sea is a body of law that governs the rights and duties of shippers, carriers and consignees of marine cargo. [1]Primarily concerned with cargo claims, this body of law combines the international commercial law, the law of the sea and admiralty laws.