Common use of Laytime Clause in Contracts

Laytime. (a) All Vessels (Other Than Barges). Allowed laytime shall be, in order of the precedence, (a) the allowed laytime as agreed by the Parties at the time of Vessel acceptance, (b) voyage chartered – where the single voyage Vessel charter party agreement specifies a laytime allowance per hour or specific laytime allowance for loading, then such allowed laytime shall apply, or, if neither (a) or (b) apply, (c) the market rate current on the date the loading commences for a Vessel of the size and type appropriate to the Vessel's cargo for a single voyage charter from the load port to the Buyer's discharge port.