New “Laytime Definitions for Charter Parties 2013”

A Working Group comprising expert representatives from BIMCO, the Baltic Exchange, CMI and FONASBA has developed the revised Laytime Definitions for Charter Parties 2013, offering definitions of commonly used words and expressions in voyage charters.

The application and interpretation of clauses, words and phrases covering the allocation of party liability for laytime and demurrage are fundamental elements in tramp and bulk shipping.