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Laytime is the time for a ship to load or unload cargo, paid by the ship owner to the charter. Delayed time is paid by the charter when loading or unloading is faster than specified in the charter party. Demurrage is paid to the ship owner if the vessel is used longer than allowed. Notice of readiness must be accepted before laytime starts, excluding Sundays and holidays. A weather working day is 24 consecutive hours. Factors affecting laytime calculation include bad weather, equipment failure, weekends, holidays, and strikes.
