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Title
Additional Information
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Words, phrases, acronyms and abbreviations (“Words and Phrases”) used in a Charter Party shall be defined, for the purposes of Laytime only, in accordance with the corresponding Words and Phrases set out below, when any or all such definitions are expressly incorporated into the Charter Party.
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List of Definitions
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5.
LAYTIME shall mean the period of time agreed between the parties during which the owner will make and keep the Vessel available for loading or discharging without payment additional to the freight.
25.
NOTICE OF READINESS shall mean the notice to the charterer, shipper, receiver or other person as required by the Charter Party that the Vessel has arrived at the Port or Berth, as the case may be, and is ready to load or discharge.
30.
DEMURRAGE shall mean an agreed amount payable to the owner in respect of delay to the Vessel once the Laytime has expired, for which the owner is not responsible. Demurrage shall not be subject to exceptions which apply to Laytime unless specifically stated in the Charter Party.
31.
DESPATCH MONEY or DESPATCH shall mean an agreed amount payable by the owner if the Vessel completes loading or discharging before the Laytime has expired.