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ARTICLE · 15 OCTOBER 2013

BIMCO’s 2013 Laytime Definitions - A Model For Reducing Charter Party Disputes?

Blank Rome LLP
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BIMCO recently promulgated a new document, Laytime Definitions for Charter Parties ("Laytime Definitions") 2013, which defines various terms used in conjunction with calculating the running of laytime and demurrage for the purpose of reducing tramp shipping (voyage charter) disputes.

United StatesTransport
Mitchell Machann
Mitchell Machann

BIMCO recently promulgated a new document, Laytime Definitions for Charter Parties ("Laytime Definitions") 2013, which defines various terms used in conjunction with calculating the running of laytime and demurrage for the purpose of reducing tramp shipping (voyage charter) disputes. Laytime Definitions was generated through the joint effort of BIMCO, the Baltic Exchange, the Comité Maritime International, and the Federation of National Associations of Shipbrokers and Agents.

Typical voyage charters (ExxonMobilVOY, ASBATANKVOY, and BPVOY) do not expressly define terms such as laytime, demurrage, berth, or port. Instead, courts construe the meaning of these terms from the context used in the charters and as construed by the common law.

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