BIMCO has recently published its Laytime Definitions for Charter
Parties 2013. This sets out the meaning and commentary of certain
specialist terms such as "reachable on arrival",
"always accessible" and "weather working
day".
BIMCO states that the definitions have been developed "to
provide practitioners with a set of meanings of commonly-used words
and phrases. The objective is to help reduce disputes about party
intentions in a market where fixtures are often concluded on the
basis of a recap message and listed amendments, without the
exchange or return of draft contracts".
The meanings of common laytime and demurrage terms have been
debated at length in both arbitration and court proceedings. A
common basis for disputes is a discrepancy in the parties'
understanding of what a particular term or phrase actually means.
The production of this list of definitions, which can be
incorporated into a charter if the parties wish do to so, may well
reduce future
