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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] A time charter is the hiring of a vessel for a specific period of time.
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 ...
Officially, demurrage is a form of liquidated damages for breaching the laytime as it is stated in the governing contract (the charter party). The demurrage sometimes causes a loss to the seller as it increases cost of the total freight. [3] The demurrage fee is often a daily amount agreed between charterers and ship owners.
A charterparty (sometimes charter-party) is a maritime contract between a shipowner and a "charterer" for the hire of either a ship for the carriage of passengers or cargo, or a yacht for leisure.
The documents include (as a minimum) the invoice, the insurance policy, and the bill of lading. These three documents represent the cost, insurance, and freight of CIF. The seller's obligation ends when the documents are handed over to the buyer. Then, the buyer has to pay at the agreed price.
A suit will lie against the seller if the seller has insufficient title, [7] or the goods are not of satisfactory quality, [8] or do not comply with sample [9] or description. [10] A suit will lie against the shipper if the goods are damaged through insufficient packing, [11] [12] or if any loss is suffered through insufficient labelling. [13 ...
Demurrage is the cost associated with owning or holding currency over a given period. It is sometimes referred to as a carrying cost of money. It is sometimes referred to as a carrying cost of money. For commodity money such as gold, demurrage is the cost of storing and securing the gold.
The Hague–Visby Rules is a set of international rules for the international carriage of goods by sea.They are a slightly updated version of the original Hague Rules which were drafted in Brussels in 1924.