Number of days allowed in a charterparty that a ship may use a dock for loading/unloading before demurrage is payable to the shipowner. The lay days may be either (a) fixed as to number; or (b) indeterminate dependent on the circumstances, e.g. ‘according to the custom of the port.
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The period which is allowed for the loading and unloading of the ship. The counting of lay days begins after the arrival of the ship and serving the notice to the shipper.