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BIMCO's 2013 Laytime Definitions—A Model for Reducing Charter Party Disputes?

Mainbrace

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.

This article by Mitchell R. Machann, associate at Blank Rome,  is one in a series of articles written for Blank Rome Maritime's quarterly Mainbrace newsletter. To view the other articles in the October 2013 edition of Mainbrace, please click here.