The standard charter party laytime definitions known as 'VOYLAYRULES' are being updated to reflect developments in case law & commercial practice.
VOYLAYRULES, which are jointly produced by BIMCO, FONASBA, INTERCARGO and CMI, last published in 1993, provide a set of standard definitions for commonly used charter party laytime terms which can be incorporated in whole or part into charter parties. Their purpose is to help reduce charter party disputes on matters of interpretation of laytime provisions.
The project to update VOYLAYRULES is being carried out by a small drafting team of representatives from each of the sponsoring organisations with the support of the Baltic Exchange (who publish a similar set of charter party definitions in their Baltic Code). It is hoped that the updated definitions will also serve as a useful ready-reference to those new to the industry whose work requires a sound understanding of the meaning of the key laytime provisions found in standard charter parties.
The drafting team meets in London to put the final touches to the new edition which will then be reviewed by BIMCO’s Documentary Committee and considered for adoption and publication.
