Laytime and demurrage
SubjectΠλοία -- Φορτίο ; Cargo ships ; Ναύλωση και ναύλος ; Freight and freightage ; Demurrage ; Tankers laytime
The thesis below aims to explain in detail, two basic issues of maritime law, laytime and demurrage. Laytime is the period allowed to load or discharge the cargo, after the arrival of the ship. Demurrage is the agreed amount payable to the owner in respect of the delay to the vessel, beyond laytime, for which owner is not responsible. These two issues prescribed in a contract, which is an exchange of obligations and an allocation of risks during chartering, called charter party. These two issues and their terms are defined in the charter party carefully as there are many areas where money easily be lost or earned. The trading companies are paying attention to these elements and usually there are specific demurrage departments. Basic knowledge of maritime law and proper correspondence among the departments are essential. The preparation of a claim requires contracts, cargo documents and proof of demurrage rate. In case of disagreement the claim goes to Arbitration.