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Significant update to laytime definitions addressed by Bimco
Uncertainties in laytime definitions currently used in charter parties have been addressed in the latest Laytime Definitions of Charter Parties 2013. Created by a shipping industry working group consisting of BIMCO, the Baltic Exchange, Comitė Maritime International (CMI) and the Federation of National Associations of Shipbrokers and Agents (FONASBA), the new document sets out statements of meaning of words and phrases commonly used in the context of laytime and reflects contemporary market understanding based on the current state of English law.
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