This masterclass covers general principles on laytime and demurrage for both dry and wet trades. The course focuses on the fundamental principles which underpin laytime and demurrage and how these principles can be changed quite dramatically by the wording of contractual terms. Laytime and demurrage disputes constitute a substantial proportion of the cases which are tried by arbitrators and courts in many countries and which result in substantial legal/other costs to the parties concerned. The course also includes practical examples of calculations through a case study. The masterclass will cover the following key topics:
- introduction to laytime and demurrage
- types of laytime
- commencement of laytime
- stoppages and termination of laytime
- example of laytime calculation using statement of facts, timesheets, etc.
- overview of demurrage and dispatch
- averaged and reversible laytime
- damages for detention
- stoppage and termination of demurrage
- international sale contracts and demurrage payments
- commercial usage of laytime/demurrage in non-traditional ways
- time bar and other issues affecting claims for demurrage
- litigating or arbitrating demurrage claims – a comparison
Case studies and worked examples: choose from either tanker or dry cargo case study groups.
The masterclass ends with a final assessment (dry or tanker) where participants can test their understanding and gained knowledge.