What are lay days in maritime contracts?

Lay days refer specifically to the time allowed for loading and unloading cargo on a vessel as specified in a maritime contract. In this context, the term reflects the period during which the ship is expected to be at port to facilitate these operations without incurring additional charges.

The concept is crucial in maritime commerce as it helps in planning logistics and managing shipping schedules. If loading or unloading exceeds the agreed-upon lay days, the ship may face penalties or demurrage charges, which can affect both the vessel owner and the cargo owner financially. Understanding lay days allows parties involved in maritime contracts to clearly delineate their responsibilities and time frames, thus promoting efficient operations within the maritime industry.