Laytime

In commercial shipping, laytime is the amount of time allowed (in hours or days) in a voyage charter for the loading and unloading of cargo. If the laytime is exceeded, demurrage is incurred. If the whole period of laytime is not needed, despatch may be payable by the shipowner to the charterer, depending on the terms of the charter party (despatc...
Found on http://en.wikipedia.org/wiki/Laytime

laytime

Time allowed by the shipowner to the voyage charterer or bill of lading holder in which to load and/or discharge the cargo. It is expressed as a number of days or hours or as a number of tons per day.
Found on http://www.insurexchange.com/glossary/maritime.htm
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