layday

layday. Maritime law. A day allowed by a voyage charterparty for the charterer to load or unload cargo. • If more time is used, the vessel’s owner is entitled to compensation for the delay, usu. in the form of demurrage. If less time is used, the owner may pay dispatch. — Also written lay day. See DEMURRAGE; DISPATCH; LAYTIME. Cf. day of demurrage under DAY. [Cases: Shipping 181. C.J.S. Shipping § 450.]

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