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The term Lay Days /or sometimes Lay Time/ means the time
allowed by the Charter Party for loading and/or discharging
of the cargo. There are many methods of stipulation the
lay days of the vessel. The most frequently used method is
to indicate a definite number of days or weather-working
days.

Charter Parties always stipulate for the notice of the
readiness of the vessel to load or to discharge. The notice
must be given during business hours in the port. When the
vessel is delayed beyond the time stipulated in the Charter
Party, the charterers must pay the owners demurrage. On
the other hand, if loading or discharging operations are
completed before the time, the Charter Party provides for
the payment of dispatch money. Dispatch money and demurrage
are calculated in accordance with the terms agreed upon
the Charter Party, and may differ accordingly to the
nature of the cargo shipped, the size of the vessel, and
the form of the Charcer Party used.

Cancelling Clause means that the owners and charterers
have the option of cancelling the Charter Party in certain
circumstances e.g. in the event of war or when the vessel
is not ready to load by agreed date and hour.

In the General Average Clause it is usually stated that
General Average shall be settled according to York-Antwerp
Rules, at the time in common use.

When the terms and conditions of a Charter Party are
agreed, the Charter Party is signed by both parties - the
shipowners and charterers.

When goods are shipped, the Master of the ship signs a
Bill of Lading, which is a receipt acknowledging the
shipment of goods.