Laytime Calculating

In a voyage charter, the owner of the vessel gives to the charterer a specific time, known as laytime, which is the period of time allowed (in hours or days) in a voyage charter for the loading and unloading of cargo. If the charterer fails to load or discharge the cargo in the given period oflaytime, then the charterer must pay damages to the owner in
the form of demurrage at a negotiated sum per day. On the other hand, if the charterer completes the cargo operations
in a shorter time than allowed for by the laytime, the shipowner may
give a reward to the charterer in the form of dispatch at an agreed-upon sum, which is usually half the demurrage rate for every day saved. The point in time when laytime commences is determined by a
Notice of Readiness (NOR). The NOR is valid when the ship arrives. The NOR informs the charterer that the ship has arrived at the port and is ready in all respects to load or discharge.