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The Laytime Definitions for Charter Parties 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. These provisions have been developed for incorporation into charter parties. The latest edition of these definitions is the Laytime Definitions for Charter Parties 2013.
Johan Conrad from BIMCO talked about laytime holidays. The concept of holidays is often referred to in charter parties, but what exactly is a "holiday" and how does the industry deal with ethnocentrism and apply the concept of holidays to different languages and cultures?
With effect from 1 September 2023, Ukraine has adopted the Revised Julian calendar for religious purposes. This new calendar changes the dates of orthodox religious holidays, notably Christmas. This will have an impact on laytime.
Demurrage forms an integrated part of the laytime provisions in voyage charter parties operating with fixed laytime. Just as voyage freight, the amount of demurrage negotiated reflects the current market conditions and not necessarily the daily cost of the vessel. This means that it is just as important to negotiate the applicable demurrage rate as skilfully as it is to negotiate the rate of freight. Demurrage constitutes the compensation to which the owners are entitled, if the charterers fail to load or discharge the ship within laytime allowed. However, different jurisdictions construe demurrage differently.
India works with a comprehensive two-tier holiday schedule. As the laytime permitted could be artificially inflated if all these holidays were excluded from laytime, a practice of announcing "Charter Party Holidays" has been in place for several years. BIMCO provides this information in the supplement to the BIMCO Holiday Calendar.