Laytime and Demurrage in the Oil Industry
Laytime and Demurrage is a highly litigious subject giving rise to a multitude of claims often involving considerable sums of money. Laytime and Demurrage in the Oil Industry is a practical guide to the subject, using actual examples of disputes and specimen claims to highlight the pitfalls of laytime and demurrage calculation.
Contents
Charterparty Laytime and Demurrage
Definitions
Notice of Readiness
Commencement of Laytime
Interruptions to Laytime and Demurrage
Lightening and Ship to Ship Transfers
The Pumping Clause
Crude oil Washing Clauses
Ice Clauses
Documentation/
Time Bars
BPVOY 4
A typical Demurrage Claim
Demurrage under Contracts
Standard definitions of Contract
Typical Contractual Clauses and their meaning with regard to Commencement of Laytime and Demurrage
The "chain" Contracts
Time Bars
Seller's General Terms and Conditions
Demurrage Rates
Possible exposures between Charterparty and Contract Demurrage
Test for Contract Demurrage Calculations
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