Key Terms (Demurrage case)

Key Terms (Demurrage case)

Assessment

Flashcard

English

University

Practice Problem

Easy

Created by

Varvara Danilevskaya

Used 1+ times

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12 questions

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1.

FLASHCARD QUESTION

Front

Demurrage

Back

A charge payable to the owner of a ship for failure to load or discharge the ship within the laytime (agreed time).

2.

FLASHCARD QUESTION

Front

Laytime / Laydays

Back

The agreed number of days for loading and discharging the cargo. It is a critical part of a voyage charter party.

3.

FLASHCARD QUESTION

Front

Notice of Readiness (NOR)

Back

A formal document from the ship's master to the charterer stating that the vessel is ready to load or discharge cargo. Tenders the start of laytime.

4.

FLASHCARD QUESTION

Front

Weather Working Day (WWD)

Back

A day when weather permits cargo work to be carried out. If weather interrupts work, that time does not count as laytime.

5.

FLASHCARD QUESTION

Front

SHEX (Sundays, Holidays Excepted)

Back

A charter party term meaning that Sundays and public holidays are not counted as laytime, even if work is done.

6.

FLASHCARD QUESTION

Front

Statement of Facts (SoF)

Back

A log prepared by the ship's agent, signed by the master and shipper/receiver, recording times and reasons for all delays and work stoppages

7.

FLASHCARD QUESTION

Front

Force Majeure

Back

Unforeseeable circumstances that prevent someone from fulfilling a contract, e.g., war, strikes, riots, "Acts of God."

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