Course description The basic principle of laytime and demurrage is… "your delay, my cost"! When we talk about these concepts, we refer to voyage charterparties. Laytime means the period of time agreed between the parties during which the shipowner will make and keep the vessel available for loading or discharging without payment additional to the freight. Whereas demurrage, means an agreed amount payable to the shipowner in respect of delay to the vessel beyond the laytime for which the shipowner is not responsible. Demurrage shall not be subject to laytime exceptions. Finally, dispatch shall mean an agreed amount payable by the owner if the vessel completes loading or discharging before the laytime has expired. Important elements in the law and practice of laytime are the notice of readiness, the statement of facts, and the “arrived ship” notion. In the covid era time will count from tender of a valid notice of readiness (NOR) in the usual way in any port affected by Covid-19. NOR indicates that the vessel has arrived and is ready to load. If there are then restrictions in place e.g., lack of free pratique or other exceptions to laytime, they will apply in the usual manner. Tanker charters contain varying provisions with regard to whether free pratique is required prior to tender of NOR and/or if NOR is rendered invalid if free pratique is not granted shortly after tender of NOR (in many cases within six hours). Charterparty clauses, laws and case studies are used in order for the participant to understand what is required in handling such cases. A truly in-depth analysis of laytime and demurrage. procedure.